Property taxes are a sore subject for Maplewood residents. I‘ve been hearing a lot of buzz recently about the scheduled revaluation for the town and decided to attended the Hilton Neighborhood Association meeting at the DeHart Community Center last Thursday to hear about the Hows & Whys of the Revaluation of Real Property in Maplewood, New Jersey in 2010.
The last revaluation process in 2000 was highly criticized as lacking transparency. This time around, the township interviewed 3 firms and hired Appraisal Systems Inc... Ernest Del Guercio, the firm’s CEO, vowed residents that the process would be completely fair and transparent. He stated that moving forward, all information related to the revaluation will be available on the company's website www.ASINJ.com. This will be an ongoing process for much of 2010 and new assessments will take effect in the 2011 tax year.
Why a Revaluation?
Revaluation are ordered by the County Board of Taxation. According to the “Handbook for New Jersey Assessors” they are accomplished by the mass appraisal of all real property in the taxing district by an outside professional appraisal or valuation firm.
The objective of a revaluation is to bring all properties to 100% of their true market value. Property values change at different rates for various locations and property types. A revaluation ensures fairness and equity in the collection of revenue for Municipal purposes. This balances the Municipality's real property tax burden among its taxpayers.
It is important to understand that revaluations do not necessarily indicate whether the tax on your property will increase or decrease. The municipality only collects the amount of tax dollars that the four units of local government (local school, regional school, county government and municipal government) determine is necessary to operate.
The following is a summation of the seven-point process presented by Mr. Del Guercio and his team:
Inspect: Within approximately 10 days, Maplewood residents will receive a letter outlining the process of the revaluation along with an informational brochure. Inspections will likely begin on the side of Maplewood bordering Irvington, and move westward. As appraisers make headway into new parts of town, reminder postcards will be sent out.
An inspector will make a first visit, measuring the exterior of the home. An interior inspection will then be done. Residents will have the opportunity to reschedule for a time when they will be home. Each inspector will have an official ID with photo and if you are uncertain, you can call the Maplewood Police Department to have them check the license plates which will be registered with the department.
It is important to let the inspectors know anything about the house or neighborhood that is not obvious. For example, if the inspector were to come at 11 am, he would not be able to see that a street might be a cross-through street which has a large amount of traffic in the morning or afternoon due to a school being nearby. Any “outside influences” that would impact the value of your home should be conveyed to the inspector. Other examples include electrical towers, steep topography, nearby railroad, highway, or gas station.
The condition, size and style of the house will also be considered. Some common architecture styles identified are: Cape Cod, Dutch Colonial, Ranch, Tudor, Victorian, Cotemporary, Bungalow, Cottage, Manor, Duplex.
Analyze: Appraisal Systems will be analyzing the characteristics of each Maplewood neighborhood and assessing homogenous zones to delineate neighborhood boundaries. All of the maps will be available on their website.
Market Analysis & Review: This is a general review of information realized from the inspections and the market sales analysis. Mr. Del Guercio said that Appraisal Systems is committed to "100% fair market value." Unlike appraisals done for mortgages, he said the Appraisal Systems is bound by a uniform standard that produces equitable values.
Notification of Value: By fall or early winter 2010, a letter will be sent to property owners with the assessed value of their property. The letter will also contain instructions for setting up a meeting to review the assessment with one of the company’s representatives.
Informal Hearings: One-on-one meetings to discuss or challenge your proposed assessment can be scheduled with representatives of Appraisal Systems and will take place at a local municipal meeting.
Submit: Final values will then be sent to the Town and County. All information (forms, photographs, maps, correspondence, etc…) is given to the town. Residents are then sent an official notification of final value from the municipality via postcard.
Defend: If you still believe errors have been made, you will be able to officially appeal by use of comparable sales. They will not allow appeals based on comparing assessments and you will not be able to appeal taxes. Appeals must be in by May 1, 2011.
I hope you’ve found this summary helpful!
-Caroline
www.CarolineGosselinHomes.com
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