Municipalities Reassessing Properties Despite Recent Revaluations

A recent article in the Star-Ledger highlights the large number of towns that are having their local tax assessors conduct reassessments, despite having recently hired private companies to conduct town-wide revaluations.  Many towns conducted revaluations during the real estate boom, but are now trying to bring property assessments back in line with market values.  Revaluations that occurred when housing prices were at or near their highest peaks have left many homeowners with higher tax bills after the market decline because their homes are assessed for more than market value.  As New Jersey municipalities deal with decreased tax revenues resulting from lower property tax assessments, budget deficits are likely to continue to loom large in the minds of elected officials around the State, and it is possible that municipal tax rates will need to be increased in order to help close those shortfalls.

 For more on the story, see the following news links:

 The Star-Ledger:  N.J. towns reassess property values after housing market drop

 For information concerning property tax appeals, visit McKirdy & Riskin’s Property Tax Law Blog.

 The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.