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Jersey City residents facing big property tax hikes due to revaluation

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Jim Dolan reports on residents of Jersey City who could be hit with big tax hikes.

The last time property was re-assessed in Jersey City was 1988, but property values have skyrocketed since then.

And now the city's homeowners are about to get hit with a steep increase in property taxes.

"This is the room I will miss most," said Marie Borrelli, who loves the living room of her brownstone in Jersey City. She loves the high ceiling she restored, the ornate fireplace mantle and the old, arched windows that for 27 years have let so much light in.

She has pictures of what it looked like when she and her husband bought it 27 years ago.

"Back in the day, the park across the street was a heroin park," she said.

Much of Jersey City has changed, grown more prosperous and trendier. And all that change may cost Marie the home she loves.

"It was in our heart and soul to beautify it and I think we did a great job," she said.

Jersey City is going through what they call here a reval, where for the first time since 1988, homes are being re-evaluated for property tax purposes.

Because it's been so long and so much has changed, many will see enormous increases.

The family at 203 Washington Street paid $13,650 last year and they will now have to pay nearly $50,000.

104 Morris Street paid $9,750 last year and will now have to pay more than $39,000.

Marie paid $16,000 last year "The proposed tax for this property would be $41,000," she said, an increase of 155 percent.

She was planning on selling the home she loves so much, but it turns out that might not be the answer either. With taxes so high, she may not be able to find a buyer for it.

She had three potential buyers who were waiting on the re-assessmesnt. She has not heard from them since it was completed.

For now she is appealing her assessment with the hope that the taxes will go down and she can find a buyer for the home she never wanted to leave.

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financereal estateproperty taxesfinancehomeJersey CityHudson CountyNew Jersey
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