What You Need to Know About Taxes in The Heights
Jersey City Heights or The Heights is a favorite neighborhood in New Jersey filled with detached family homes, apartment buildings, and several parks. In recent years, it has become a popular neighborhood for both New Jersey and New York City residents to relocate thanks to its affordable property prices. Because of the recent growth in popularity, the area is also seeing an increase in activity with the addition of restaurants, artist spaces, and coffee shops. But, the 2018 mandated property revaluation leaves many wondering what to expect in regards to tax changes in The Heights in 2018.
2018 Property Revaluation
Jersey City is undergoing its first property revaluation since 1988, a long overdue process that has residents concerned. Since the last assessment was thirty years ago, many properties are undervalued and only assessed at 24 percent of its actual value. As new property values are released, property taxes for 2018 are expected to increase. Some residents have received bills for four times the amount as last year.
Here is what you need to know about taxes in The Heights:
- There will be an increase.
According to published results, The Heights will see some increases, although they will not be as significant as adjacent neighborhoods like Downtown Jersey City.
- Assessed home values will be mailed.
The new property assessment values were scheduled to be mailed in mid-February and should have been received by now. The assessment includes the new property value and estimated taxes for 2018.
- You can appeal it.
Residents have the right to appeal their new property assessment, and the formal deadline was pushed back from May first to mid-June according to The Jersey Journal. An appeal can be filed after residents receive their final assessment notice. Details of the appeals process will be included so residents know what steps to take next.
- There is a rumored 2nd
Due to the high anxiety the tax revaluation has caused among residents, many believe that the new tax rates will take a toll on Jersey City and cause properties to decrease in value. While not official, Mayor Fulop is recommending a second revaluation in 2019 to readjust the tax rates.
- The Heights is still thriving.
According to the first quarter market report, The Heights saw no negative impact from the revaluation with home and condo sale prices increasing. New residents are still moving to the area unlike Downtown Jersey, which is a good sign for the neighborhood and residents.
While the final property assessments and tax bills are still up in the air, The Heights is powering through the volatility. If you are considering a move to The Heights in Jersey City, check out one of the latest condos in the area, 11 Jefferson.