Updated 5 days ago on . Most recent reply
Newark, NJ Is Being Revalued for the First Time Since 2013
If you own investment property in Newark or have been watching this market, pay attention to this one.
The Essex County Board of Taxation has ordered a city-wide property tax revaluation, the first since 2013. Appraisal Systems, Inc. has been contracted to inspect every property in the city and all new assessed values will be based on estimated market value as of October 1, 2026. New assessments take effect for the 2027 tax year.
Newark values have appreciated significantly over the past decade. Assessments had fallen below 50% of actual market value, which created an uneven tax burden citywide. This revaluation closes that gap, and depending on how your properties have appreciated, your tax obligation will shift accordingly.
For landlords, revisit your operating expenses and rent structure before the new numbers arrive. For flippers, build revaluation risk into your underwriting now. For DSCR borrowers, a shift in tax obligation affects your debt service coverage ratio, which affects your financing. Know that before you close on anything new in this market.
Once proposed assessments are issued, you will receive written notice by mail with an opportunity to contest the value if the data does not support it. Do not ignore that window.
Newark is still a market worth being in. But this is a layer of due diligence that belongs in every investor's analysis right now.
- Nadiyah Malbon
- 908-663-8996
