It’s been speculated for the past few years that the Jersey City real estate scene would be seeing on a city wide scale its Revaluation. Well the time has come.  Mayor Healy in all his wisdom has notified the Hudson County Board of Taxation that the City intends to begin the 18 month process of conducting a property revaluation, a decision the Board intends to support.

Let’s take a look at exactly what the Jersey City real estate property Revaluation is…..
What Is A Revaluation?

A revaluation is when a municipality appraises all real property within the municipality, according to its full and fair value. Full and fair value simply means current real estate market prices, or what that particular piece of property, in that condition, in that specific neighborhood, would currently sell for between a willing seller and a willing buyer.

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