Hoboken Property Tax Re-evaluation On The Horizon

Hoboken property tax re evaluation on the horizon. The city of Hoboken has not had a property tax re evaluation in years. And it's no secret to real estate agents and some buyers searching for property, that newer construction condo buildings get assessed at higher values than their older, brownstone counterparts.

It is not uncommon to see a 3 bedroom condo, along the water front with taxes of about $18,000 and then to see a 4 bedroom - 3 story brownstone with taxes of about $12,000. Why the disparity? Tax assessments, values and evaluations.

This seems like the perfect time for such an undertaking. What with the recent mortgage crisis, and values now are actually increasing - plus, Jersey City, a much, much larger municipality has taken up the job that, when it's complete, will have needed two years+ to complete. It is anticipated to be finished in 2014.

The purpose is "to ensure a fair and equitable redistribution of the City’s tax levy so all property owners are shouldering their fair share of the City’s tax burden." The last re-eval in Jersey City was done back in 1988. 


What could this mean for property owners? Well, we think that those buildings paying unusually higher property taxes than some of the other types of buildings in town will likely see some relief, and those enjoying lower property taxes will likely see a bump. How much in each direction, remains to be seen.


I just received this notice from the city of Hoboken's website and anyone who'd like more information is asked to attend a meeting on May the 9th 2013. I highly encourage all who own property in Hoboken to attend.


Community Invited To Public Meeting For Information on Revaluation

A community meeting regarding the revaluation process will be held on May 6th at the Hoboken High School auditorium, located at 800 Clinton Street. Property owners should have recently received in the mail information regarding the upcoming revaluation.

A presentation will be provided by representatives from Appraisal Systems, Inc, the revaluation company performing the legally - mandated revaluation of Hoboken property. Following the presentation, the company will take questions from the public. All interested property owners are invited to attend.

Additional informational meetings will be announced soon.

The New Jersey Division Of Taxation provides answers to frequently asked questions regarding the revaluation process: www.state.nj.us/treasury/taxation/pdf/lpt/revaluation.pdf