The City of Hackensack is announcing that its latest annual tax reassessment shows that city-wide property values are up over 20%. This year’s reassessment is the first since 2020, with last year’s being canceled due to the pandemic. Due to this significant increase in property values, the city’s tax rate for 2022 is expected to be significantly lower than the current rate. City officials are advising residents not to use the current tax rate to calculate projected tax bills and to wait until the city, county and school district pass their annual budgets in the coming months.
“Total property valuations are up almost 20% across the city with an increase of almost $1.2 billion since 2015, which is something that every resident can be proud of,” said Mayor John Labrosse. “This is consistent with a strong residential real estate market throughout the region as well as the city’s successful plan for redevelopment and the revitalization of Main Street. While property values have risen in Hackensack, we remain committed to controlling property taxes and we urge residents to wait until the new tax rate is announced later this year before projecting their tax bills, as we fully expect the rate to be significantly lower than the current number.”
The City’s Tax Assessor’s office sent postcards to property owners recently advising them of their new valuation as well as options to file a tax appeal. As it does every year, the City will be releasing the overall tax rate after the city budget is passed and city, school, and county taxes are calculated in June. At that time, a new city tax rate will be available and new tax bills will be sent to taxpayers.