Several states currently offer property tax exemptions to older homeowners, and seven more are now trying to introduce further relief.

Your base year value is $300,000 (the amount you pay your property taxes on) as you’ve been in that home for many years. You are downsizing and buying a home for $700,000.

The layout has led to a skewed tax base, thanks to little room on the zoning map for commercial development and the steady stream of single-family home construction.

Florio predicted that Paterson’s tax base could drop by as much as 10%, which he said is partly because property owners will be filing an increasing number of tax appeals.

In Homewood, the median property tax bill is more than 27% higher from tax year 2022 to 2023. In Harvey, property tax bills increased 82%. In Calumet Park, by 72%.

Add the factored base year value of $250,000 and the $165,000 which equals $415,000 for your new factored base year value for property tax purposes. You must be eligible for the homeowner’s exemption ...