Reena Rose Sibayan | The Jersey Journal

By Terrence T. McDonald | The Jersey Journal

Jersey City is conducting its first complete property revaluation since 1988 and the new assessments have started rolling in.

Appraisal Systems, the company hired to oversee the process, has been uploading the new assessment information online, thousands of properties at a time. The company expects to release a new wave of assessments each week for the next month.

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Ambar Arevalo | For The Jersey Journal

Revals are intended to square each property's assessment — the value on city tax rolls — with its true value. Because many properties have not been assessed since 1988, the average city property is assessed at less than 24 percent of its true value.

As expected, the city’s Downtown, where property values have soared since the last reval, is home to many of the large assessment hikes — and tax increases. Excluding tax abated properties, the 500 properties with the highest tax hikes have Downtown addresses.

Property owners are still able to make informal appeals to Appraisal Systems and then formal appeals to the Hudson County Board of Taxation, so the new assessments are still only proposed. And there is no 2018 budget yet for the city, county or school district, so the tax hikes are tentative as well.

The city is predicting a new tax rate of 1.62 per $100 of assessed value.

Here are the 10 residential properties expected to get the highest tax hikes so far.

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Reena Rose Sibayan | The Jersey Journal

$36,066 tax hike: 203 Washington St. (middle), 5,972 square feet

Current assessment: $175,000

New assessment: $3,068,900

Current taxes: $13,650

New taxes: $49,716

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$29,480 tax hike: 104 Morris St. (right), 4,488 square feet

Current assessment: $125,000

New assessment: $2,421,600

Current taxes: $9,750

New taxes: $39,230

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$29,115 tax hike: 69 Sussex St., 4,696 square feet

Current assessment: $135,000

New assessment: $2,447,200

Current taxes: $10,530

New taxes: $39,645

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$28,712 tax hike: 41 Coles St. (left), 4,800 square feet

Current assessment: $125,000

New assessment: $2,374,200

Current taxes: $9,750

New taxes: $38,462

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Reena Rose Sibayan | The Jersey Journal

$27,830 tax hike: 483 Jersey Ave. (next to right), 4,390 square feet

Current assessment: $130,000

New assessment: $2,343,800

Current taxes: $10,140

New taxes: $37,970

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Reena Rose Sibayan | The Jersey Journal

$27,267 tax hike: 283 York St. (middle), 3,600 square feet

Current assessment: $165,000

New assessment: $2,477,600

Current taxes: $12,870

New taxes: $40,137

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Reena Rose Sibayan | The Jersey Journal

$26,747 tax hike: 71 Bright St. (middle), 5,084 square feet

Current assessment: $160,500

New assessment: $2,423,800

Current taxes: $12,519

New taxes: $39,266

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$26,034 tax hike: 48 Bright St. (right), 5,664 square feet

Current assessment: $222,000

New assessment: $2,675,900

Current taxes: $17,316

New taxes: $43,350

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$25,011 tax hike: 77 Grand St. (middle), 7,768 square feet

Current assessment: $350,000

New assessment: $3,229,100

Current taxes: $27,300

New taxes: $52,311

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$24,750 tax hike: 272 Barrow St. (middle), 2,808 square feet

Current assessment: $210,000

New assessment: $2,538,900

Current taxes: $16,380

New taxes: $41,130