Paterson Property Revaluation Could Trigger Sharp Tax Increases in 2026, Residents Urged to Review New Assessments

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Paterson, NJ. — Hundreds of homeowners in the City of Paterson have begun receiving official notices regarding the 2026 property revaluation, a state-mandated process required by New Jersey law to update property values to their current fair market value.

The new assessments have raised serious concerns among residents, as many properties are seeing dramatic increases in assessed value. In some cases, homes previously assessed at around $191,200 in 2025 are now being revalued at more than $675,000, potentially leading to thousands of dollars more in annual property taxes.

While the estimated 2026 tax rate is projected to be lower than in 2025, the sharp jump in assessed values means many homeowners could still face a significant increase in their overall tax bill, rising from roughly $10,000 per year to over $15,000, based on preliminary estimates.

What does this mean for residents?

This revaluation does not mean your home was sold or renovated—it reflects how much the city believes your property is worth in today’s market based on recent sales data. However, for fixed-income families, seniors, and small property owners, this could represent a serious financial strain.

Officials note that the numbers provided are not final. The actual 2026 tax rate will be set next year after the County, School District, and Municipality approve their budgets. Still, residents are encouraged to treat these notices as an early warning and prepare accordingly.

What can homeowners do now?

Residents have the right to:

  • Meet with the appraisal company to review and question their new assessment.

  • Request a meeting in person or by phone.

  • Compare their property’s value with similar homes in their neighborhood.

  • Prepare for a potential tax appeal if the assessment appears unfair.

Additional information, including estimated tax rates, a tax impact calculator, recent sales data, and neighborhood maps, is available through the official revaluation portal.

Community alert

Community leaders and advocacy groups are urging residents not to ignore these letters and to seek guidance as soon as possible.

“This process could reshape the financial reality of many Paterson families. It’s critical to review the numbers now and be ready to challenge anything that doesn’t reflect reality,” said a local community advocate.

Important clarification:
This reassessment process does not apply only to the City of Paterson. The update of property values is part of a fiscal policy established by the State of New Jersey and affects municipalities across the state at different times and in different forms. What is happening today in Paterson may happen tomorrow in other cities in New Jersey, so property owners statewide should remain alert for similar notifications in the future.