Despite Threat, Jersey City Reval Still Not Cancelled
Despite threatening to cancel the city-wide property revaluation in Jersey City, Mayor Steven Fulop has not followed through with any formal action to cancel the City’s first revaluation since 1988. Fulop had voted against the revaluation contract in 2011 as a member of the Jersey City Council, at which time the revaluation company had a former City business administrator on its payroll.
According to Hudson County spokesman Jim Kennelly, the formal process would involve the Mayor writing a letter to county tax officials seeking approval from the state Division of Taxation to cancel the revaluation. No such request has been sent to date.
The average equalization ratio, used to translate the assessed value to market value, for 2013 is about 33%, meaning that a property assessed at $100,000 has an indicated true value of approximately $300,000. The average assessed value of a property in the city is about $93,000. The average annual property tax bill is about $6,500.
We’ll keep an eye on this story as the situation develops. For more on this story, please see the following articles:
Jersey City mayor-elect Fulop putting halt to property revaluation
For more on revaluations, please see the following blog posts:
Mercer County Board of Taxation Orders Four Municipalities to Undertake Revaluations
Monroe Township Ordered to Undertake Revaluation
Municipalities Reassessing Properties Despite Recent Revaluations
