The real reason your county taxes are high -

City is double victim of big budget, brisk land sales

Hudson County taxes are actually allocated based on each town’s “equalized value,” as calculated using a state-mandated formula related to land sales.

“The equalized value is determined by the [property] sales that take place in the town,” explained Hudson County Tax Administrator Don Kenny. “Every year, the sales that take place in any given town are analyzed by both the assessor and the Division of Taxation, and every Oct. 1, the state publishes the ratio for each town.”

To a certain extent, the equalization ratio keeps the situation fair in a county in which many towns have avoided having their property value reassessed to modern standards in a revaluation. Thus, the ratio generates a more accurate picture of the towns’ tax bases.

Hoboken did a revaluation in 2013, but no other Hudson County town besides Guttenberg has done one in decades. Jersey City was about to do one in 2013, but incoming Mayor Steven Fulop halted it.

Read more:  Hudson Reporter - The real reason your county taxes are high City is double victim of big budget brisk land sales