Maplewood and South Orange recently conducted a dual townwide property reassessment, and the results are in — at least for South Orange residents, who have now received letters with the new values of their homes.
(Maplewood residents should be receiving their letters soon, according to Township Administrator Joseph Manning.)
The reassessment was ordered by the Essex County Board of Taxation because the assessed values of properties had fallen below 85% of the market values. The reassessment company, Appraisal Systems, Inc., conducted door-to-door inspections this fall. New property values will be in effect January 1, 2017 but will not be reflected in tax bills until the 3rd and 4th quarter of 2017 .
The letters inform property owners of the new valuation of their homes or commercial properties. Some properties have gone up in assessed value; others have gone down.
To estimate what your new taxes will be, multiply the new valuation by the NEW 2017 tax rate of 3.008, not by the current 2016 tax rate of 3.828. (The official new tax rate will be established in the summer of 2017 after county, municipal and school budgets have been finalized.)
Neighborhood maps, 2015 and 2016 sales information, predicted tax rate, and a worksheet to calculate your estimated new taxes can be found on ASI’s website.
Residents who feel their valuation is incorrect can do the following:
- Email ASI for a copy of their property card.
- Request a meeting within 15 business days of receipt of the letter. Meetings can be scheduled by calling (201) 493-8530 or schedule online.
