Where are you finding condos for 600k? 👀

Assessed values for property taxes are completely independent of sale price and mortgage appraisal.

plenty of them outside downtown

If you ring the city tax office they will tell you what your bill will be.

Unless it's abated, generally no

Thank you. Though it’s not helping that my current property has been reassessed multiple times during the decade that I’ve live in it.

No but if you're unaware of the property tax increases JC is facing you should do some research and budget for taxes to increase $100-$200/month in the next few years.

No, that's called a "spot reassessment", and not done here. But don't make the mistake of pre-reval purchasers of undertaxed Downtown properties and think that it's etched in stone. By the current ratio of sales to assessments we're already due for another reval, and your property would be reassessed base on sales comps.

At least. They just approved a gigantic charter school complex for Bergen Lafayette. That's going to cost a holy fortune, and charter schools use public school money.

Help me understand that more. What are all the things that trigger a reval?

They’re generally supposed to be done every five years in most municipalities to ensure the tax burden is shared equitably.

Our last one was about five years ago but, as you know, that particular reassessment was extremely overdue and Fulop tried to delay it further to protect Dixon Leasing.

I believe it's actually every 10 years or when the ratio gets more than a certain percentage, I think it's like 15% and already past it.