State Could Order Jersey City, Elizabeth, Others to Revalue Their Properties - John Lloyd
December 16, 2015
Tax Group counsel John Lloyd was quoted in a NJTVNews article titled "State Could Order Jersey City, Elizabeth, Others to Revalue Their Properties." The article, published on December 16, 2015, discusses how the state is investigating whether to order Jersey City, Elizabeth, Dunnellen and other towns to reassess the value of their properties. The article points out that many Jersey City properties haven't been revalued since 1988.
According to John, "The rough rule of thumb in a revaluaton is that a third of the people are going to experience a tax increase, a third will go down and a third will stay the same. That's a generalization, but the farther away you get from doing a reval, the less likely that is, even. It's really hard to tell how out of whack some sections of the town may be."
To read the full article, please visit the NJTVNews website.