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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

After a successful career spanning over two decades in the real estate industry, Mark has achieved an outstanding milestone by brokeraging sales worth more than half a billion dollars. With a keen eye for detail and incredible marketing skills, Mark has recently signed a contract for a 310 rental building in Downtown Jersey City that is about to hit the market. Apart from his professional success, Mark is an avid real estate investor himself, which gives him a unique perspective when it comes to evaluating properties from every angle and making successful sales. Mark and his exceptional team bring a level of sophistication and personal touch that is often missing in the digital age of real estate searches. With their extensive experience in the field, having brokered close to half a billion in real estate transactions, they are dedicated to providing exceptional customer service. Their deep understanding of the nuances of the buyer and seller experience makes them the perfect advisors for any transaction. By choosing Mark and his team, clients can rest assured that they are in the hands of consummate professionals who are passionate about their work and go the extra mile to deliver results that exceed expectations.

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