From what I understand, Abated properties do not pay real estate taxes. They make PILOTS Payments In Lieu of Taxes. These are typically based on the selling price, at least mine was, but I suppose could be based on assessed value, and paying a percentage of tax. I think that some of the older buildings may have been done in this fashion.

Thanks very much. That's very helpful.

On some of the abated condos downtown, I tend to see tax rates that are wildly different even though the apartments are in the same building, have the same layout, similar view, etc.

Are you certain that a purchase price did not determine the assessed (taxable) value for these properties?

Also, I heard the reval was cancelled. Have you heard that it is back on?

a & c. See below.
b. No. It's adjusted during the infrequent revals, on appeal, when abatements expire, or if you make substantial improvements to the property. It's not adjusted during sales/transfers.

Perhaps its best to start with the numbers:

Currently JC tax rate = 7.184% of ASSESSED VALUE. So if your property is assessed at $100k, you will pay $7,184/year. This rate can change yearly, and is set based on budgets adopted by JC council and Hudson County.

ASSESSED VALUE is a little more complex. It's based on the implied market value at the last reval in the mid-1980's. To convert to an more current implied market value, you need to multiply this by the Jersey City equalization rate currently 32.72%. So, in theory a property assessed at $100k, would have an implied market value of $327,200.

$100,000 * 0.3272 = $327,200

If you think your property is worth 15+% less than this implied value based on recent comparable sales (price/sq ft), you can appeal to have your assessed value reduced. If current value is substantially higher, the reval will likely increase your assessed value and taxes.

Also, the implied tax rate against implied current market value would be:

7.184 * 0.3272 = 2.35%

Property values have varied in value across the city over the years since the mid-80s, and - generally downtown is under-assessed, and other hoods are over-assessed.

So bottom line - if your paying less than 2.35% of current value, you can expect it to rise after the reval, if you are paying substantially higher, it will likely fall, or you can appeal.

easytaxfix.com shows the numbers pretty well for a given property. Plus you can look at property tax details and cards at hudsoncountytax.com and cityofjerseycity.com

Can someone please explain to me how JC taxes for condos works with specific details?

I have heard very mixed and vague information from a number of sources. When I attempt to get clarification, it becomes clear that people don't really have the specifics.

I am trying to find out the following:

(a) what the general tax rate *currently* is (when there is no abatement) (I understand that the rate is about to go up.)

(b) whether the assessed/taxable value of the property is *automatically* adjusted based on each new purchase of the property for both abated and non-abated condos.

(c) any other info that you think is relevant to the calculation.