Maplewood residents recently discovered the new values of their homes and commercial spaces — and roughly what it means for their property taxes.
The two-town 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.
By now, all Maplewood property owners — both residential and commercial — should have received letters stating the new valuation of their homes or commercial properties. Some properties have gone up in assessed value; others have gone down. (Overall values for Maplewood properties have increased around 27-28%, similar to the increases seen in South Orange.)
To estimate what your new taxes will be, multiply the new valuation by the NEW 2017 tax rate of 2.895 (or .02895), not by the current 2016 tax rate of 3.685. (The official new tax rate will be established in the summer of 2017 after county, municipal and school budgets have been finalized; the rate for now is just an estimate.)
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. Your new value should be on the letter; however, if you can’t find it, you can look it up on the Excel spreadsheet titled: “Maplewood Residential Assessments” on ASI’s website.
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.
Residents who feel their valuation is inaccurate can ask to see their property card and then request an informal hearing with ASI. Property owners have until the week of January 23 to have a meeting, according to an ASI representative; however, slots are filling up so call the office as soon as possible to schedule an appointment: (973) 386-1111; or schedule on online.
Property owners have until May 1, 2017 to file an appeal.
