Mercer County Board of Taxation Orders Four Municipalities to Undertake Revaluations

Name: McKirdy & Riskin, P.A.
Address: 136 South Street, Morristown, NJ, 07850
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Home » Property Tax Appeal » Mercer County Board of Taxation Orders Four Municipalities to Undertake Revaluations

by: Anthony F. Della Pelle

17 Dec 2010

The Mercer County Board of Taxation is requiring Trenton, Hamilton, Ewing and Lawrence Township to undergo revaluations for the first time in over 15 years to align assessment values. Property tax assessments are tied to market values, which means that a property’s assessment should equal what it would sell for in the marketplace. A lack of uniform assessments can lead to situations where property owners could be taxed differently for properties that would sell for the same amount. A revaluation by a private appraisal company can take up to two years costing between one million to two million dollars.

Municipal officials are concerned with the cost of the revaluation, while residents are concerned about the effect a revaluation may have on taxes. With only a handful of state certified revaluation companies, municipalities are concerned that limited options could lead to higher revaluation costs. Residents in the four municipalities, like those in Princeton Township who recently underwent a revaluation, fear property values and taxes will increase.

For more on the ordered revaluations, please see “Mercer orders property revaluation in four towns” in the Trenton Times.

For more information on other towns facing revaluation issues, please see the following posts on this blog:

Monroe Township Ordered to Undertake Revaluation

Municipalities Reassessing Properties Despite Recent Revaluations

Tax Court Remands Revaluation Order

For more information regarding this firm’s property tax appeal services, please visit our website.

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