Jersey city tax revaluation

[Cesar S.]

Hello, I came across an article on jersey city where there's a possible revaluation occurring soon.   Since I own property in downtown and there hasn't been a tax assessement done in almost 30 years I'm concerned about it.   Doing a quick lookup it appears the properties most affected will be the 500k+ condos since their taxes are relatively low.   Does anyone know if property values would decrease as a result of a reval in a place like jersey city where downtown is heavily under assessed?  

 http://www.nj.com/hudson/index.ssf/2016/04/fulop_order_forcing_jersey_city_reval_more_politic.html

[Rao Mu]

That's right. Downtown prices will go down from the already sky high they are at. Greenville prices will go up from the already low prices they are at. Why should greenville house that cost 500K pay the same taxes as 2 million dollar house in downtown? Governor is doing the right thing by asking Fulop to do reval.