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It consists of appraising the value of the properties, both taxable and exempt, using recent sales, building costs and income and expense information of similar properties. All residential, commercial, apartments, industrial, vacant land, churches, school buildings and all other real estate are valued.The property tax is designed as an "ad valorem" tax, which means it is a tax based on the value of the property. The premise is that if someone owns a $1,000,000 property, he or she would pay twice as much in taxes as someone who owns a $500,000 property. Therefore, the market value of property is the standard that is used to determine one's fair share.
Once the revaluation program is completed, the tax rate per $100 of assessed valuation will undoubtedly go down to reflect the increased value of the ratable base. However, this does not necessarily indicate whether the tax on your property will increase or decrease.
Revaluations do not increase the total amount of revenue to be raised by taxation. 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 exterior inspection includes the measurement of each structure including garages or other accessory buildings, the determination of story height, roof structure, type of foundation and exterior wall construction. The physical condition of the structure is noted to establish depreciation factors for age, use, etc. Topographical features of the land are also noted as they may affect value.
The revaluation program should not be seen as an adversarial situation. Property owners have a vested interest in the outcome of the project and their cooperation is vital to achieve an equitable revaluation. If one person's property is under-assessed, all the other property owners in the municipality will pay higher taxes to make up for the discrepancy. Conversely, if property owners deny access to the field inspector they could wind up being over-assessed and pay more than their fair share of taxes.
If market values in your area have not risen as much as in other areas, or your property is currently overvalued when compared with the comparable properties, your share of the tax burden would be reduced as a result of revaluation. The assessed vale is only one component in determining tax rate. The other is the amount to be raised in taxation is each government's yearly budget that each of the four government's (local, county, school and regional school) determine to be required to operate. When each year's budget reflects an increase in the amount to be raised regardless if whether a revaluation is implemented, one pays more taxes.
The interview process will be informal and will focus on a discussion of your property. It is important that all of the information presented about your property is accurate. If you feel there are conditions that diminish the market value of your property, the interview is another opportunity to bring those factors to our attention. All appropriate comments will be reviewed and considered to determine if an adjustment is in order.
Once the period for informal interviews has ended, all property owners who held a meeting will receive a notification of outcome. These are all mailed out at the same time regardless of when your interview took place.
In the even you are not satisfied with the decision of the Board of Taxation, you have the right tot file an appeal with the Tax Court of the State of New Jersey. This must be done within 45 days of your notification. This step in the process is formal, taking place in a courtroom setting before a Tax Court Judge.