In many towns throughout New Jersey, property assessment values have failed to be adjusted relative to their market (or “True”) values. In towns such as Jersey City — where assessments are as much as thirty-years old and the market values of properties have increased steadily — individual property tax bills reflect widespread inequities.
Because of this, many poorer residents end up paying excessive property taxes while those living in more affluent neighborhoods often pay less.
The purpose of a revaluation (theoretically, at least) is to ensure a fair and equitable distribution of the tax levy such as that all property owners are paying their fair share of the tax burden — and no more or less.
For example, the mayor of Jersey City, Steve Fulop, recently bought a house in Jersey City for $800,000.00. Since the property’s last assessment was in 1988, however, when its property taxes were only $7,700.00, his property tax bill remains the same.
Could this be one of reasons Fulop is so vehemently opposed to the town conducting a reval?
Jersey City mayor Steve Fulop says proponents of Jersey City reval hate him
As New Jersey officials decide whether to force Jersey City to perform a citywide tax revaluation, Mayor Steve Fulop alleges that those arguing in favor of the reval are doing so because they hate him. Fulop, appearing at a hall meeting Tuesday night …
Most Jersey City residents at public hearing call for tax reval, some critical of FulopHudson County Viewall 10 news articles »