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Jersey City's 28 years of property-tax bargains about to end

from Bloomberg

Jersey City, whose three-decade boom in condominium and office towers dubbed it New Jersey’s Wall Street West, is chafing under demands to spread its tax burden more equally. The newest property owners in the Hudson River waterfront community are either exempt from taxes or paying an amount based on a formula set 28 years ago. A state-ordered revaluation is touching nerves even before the numbers are re-jiggered. While residents in hardscrabble neighborhoods say it will shift the burden to the pricey downtown, the city’s mayor warns that it could raise supporters’ bills as values increase, uprooting long-timers. more

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