How do you know the future property taxes on new purchase in JC

[Peter Chan]

I’m looking at several properties in Jersey City - more towards the Greenville area but also considering Bayonne as well. I’m wondering how I can figure out what my future property taxes may be?

I’m seeing places in the $350-400K (single family) range and an online tax estimator is saying it could be between $8-9K per year

Is this what I should be expecting a year or two after purchase?

I’ve had this happen once in another state where I bought in a gentrifying area and property taxes have shot up to about $15K this year - the city claims the property is double what it sold for a few years back though there is no chance it would sell for double or even 20% more.

[Max Vishnev]

Hi Peter, 

I'm a real estate agent and home owner in Bayonne, NJ.  As you may have read or heard, Bayonne is completing a city-wide tax re-evaluation.  Right now, taxes on single-family homes are in the $6500 to $9,000 range, typically, depending on the size of the home and the current assessed value.  2-family taxes are 10k+.  Newer construction: 15k+  The issue is that we won't know what the new $ tax amount will be (post re-eval) until Q3 of 2020.  That's because the new tax rates won't be published until late summer.  This is all according to the info I've received from the Bayonne Tax Dept.

Of course, tax uncertainty also creates nervous sellers, which means more opportunities for savvy buyers.  PM me if you need more info or want to chat about Bayonne RE in more detail.