No. Most people, when they hear the term "property revaluation", incorrectly believe that a reval raises all the taxes on all the properties in the city.
A property revaluation is mandated by state law so that assessments of all properties in a municipality are brought up to, or as near as possible to, 100% of market value. This is the best way to insure that every property, based on its market value, pays its fair share of the municipal, school and county tax burden.
While all property revaluations are different, the general "rule of thumb" for a property revaluation is that 1/3 of the municipal properties will see their share of the tax burden go down, 1/3 will see their share of the tax burden go up, and 1/3 of assessed municipal properties will see no change at all.
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
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