Esther Wintner, president of Civic JC, has warned Jersey City residents to be cautious about potential financial pressure following a proposed increase in municipal taxes. In a public Facebook post, she said that some investors may try to take advantage of the situation by offering to buy homeowners’ properties below market value.
Hello, Jersey City.
The City Council has voted to approve an agreement with the State of New Jersey that includes a 15% municipal tax increase. Combined with previously announced school and county tax increases, homeowners are facing a significant hit to their household budgets — an effect that also trickles down to renters not protected by rent control.
The budget has just been introduced, so the 15% figure is not final yet. Departmental hearings begin next week, taking a closer look at how each department spends its budgeted funds. If enough savings can be found, there’s hope the rate could drop to 12%. But keep in mind — we’re already seven months into the fiscal year without an adopted budget, and more than half of this year’s money has already been spent without a plan in place. Finding additional savings won’t be easy.
Whether you supported the vote or not, the focus now should be on preparing.
What You Can Do Right Now
- Check your mortgage escrow account — if your taxes are escrowed, your monthly payment may increase. Talk to your lender.
- Start saving now — even a small amount set aside each week makes a difference. Bye bye, Starbucks!
- If you pay your taxes directly, start planning for larger quarterly payments.
- Check whether you qualify for New Jersey property tax relief programs — the city assists seniors with applying.
- If you believe your property assessment is inaccurate, find out how to file an appeal.
And Now, Most Importantly — Watch Out for Predatory Buyers
When homeowners feel financial pressure, investors always show up looking for a chance to buy homes below market value. Be cautious if you receive:
- Unsolicited calls, texts, mailers, or someone at your door offering to buy your home “for cash”
- Pressure to sell quickly because “taxes are only going to get worse”
- “Easy solution” offers that don’t reflect your home’s true value
If you’re considering selling: don’t decide under pressure. Get opinions from more than one licensed real estate agent, find out your home’s true market value, and talk to a trusted family member, accountant, or attorney before accepting any offer.
Higher taxes can cause stress — but they shouldn’t force you into a bad decision.
#staystrong #wearejerseycity #standunited
Source: Facebook