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Property Taxes in Jersey City and What You Can Do About It

Property taxes in Jersey City just went up and everyone is furious! If you’re like many other homeowners in Jersey City, you’re probably wondering why your taxes are going up and what, if anything, can be done about it. But fear not, this week’s blog is all about what you can do. If you’re not happy with your property tax bill, there are ways to potentially appeal it and get that money back! Stay tuned for more information on how to keep your hard-earned money where it belongs: in your wallet!

One of the main reasons that property taxes in New Jersey are so high is because the state has some of the highest housing costs in the country. Property values have been steadily climbing, and as a result, so have tax bills. Additionally, many local municipalities impose high taxes on homeowners in order to fund municipal services. One of these services includes the school budget that was just recently passed, $973 million dollars for the 2022-2023 school year.

If you’re unhappy with your property tax bill, there are a few things you can do. First, it’s important to understand that not all taxes are set in stone. Property tax rates are often determined by a municipality’s governing body and may be subject to change based on economic conditions or other factors. Additionally, many towns have programs for senior citizens or low-income residents to help them reduce their property tax burden. If you are age 65 or older, surviving spouse of a senior citizen or a disabled citizen, Widow/Widower of a Veteran, and have been a New Jersey resident for at least one year, you may be eligible for an annual $250 property tax deduction. More information about that can be found here

If you are a Totally Disabled Veteran you may qualify for a full tax exemption of your property taxes. Please contact the Tax Assessor’s Office at 201-547-5132 for more information. Also, The Senior Freeze (Property Tax Reimbursement) program reimburses eligible New Jersey residents who are senior citizens or disabled persons for property tax increases on their principal residence (home). Senior Freeze Program

Another option is to appeal your property tax bill with your municipality. Property taxes are often based on market value, which can fluctuate from year to year due to changing economic conditions or local real estate trends. If you feel that your tax bill does not reflect the current market value of your property, you may want to consider appealing it. This may involve providing additional documentation or evidence that your home is worth less than what you’re currently paying in property taxes. For more information about property taxes in Jersey City, please visit The City of Jersey City/City Hall/Taxes/Property Taxes.

At the end of the day, if you’re unhappy with your property tax bill, there are steps you can take to potentially reduce it and keep more of your hard-earned money. Whether it’s appealing your property taxes, taking advantage of senior or low-income programs, or looking into other tax relief options, there are ways to help keep your Jersey City property taxes under control. Stay tuned for more tips and strategies on how to keep the cost of homeownership manageable!

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Mark Trompeter

Jersey City's Unofficial Mayor! Mark offers over a decade of experience in luxury Jersey City and Hoboken real estate. He's been ranked Weichert, REALTORS® top 10 sales associates consistently for the past several years, and has generated approximately $75 million in real estate sales throughout the course of his career. With a degree in communications from Hofstra University, Mark instills in his team the values of communication, contact and total availability for clients. Born and raised in New York City, and a Jersey City resident for over a decade, Mark knows the city better than anyone and is often referred to as the "unofficial mayor" by many neighbors and locals with whom he's developed lasting relationships. His experience in premier residential real estate over the past 16 years, and expertise in marketing and sales for over 20 years, has given him the ability to understand and navigate the many complex transactions in real estate. From new construction, to high rise condominiums or multi-family homes Mark brings a unique real estate perspective with his long-time experience in the field, and passion for the communities outside his front door.

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