The Marlboro NJ property tax revaluation is almost complete. Realty Appraisal Company of West New York, New Jersey, has announced that it is nearing the end of its revaluation of residential and commercial properties in Marlboro Township.
The purpose of this project is to redistribute the property tax burden more fairly among the taxpayers by reassessing all township properties at their market value as of October 1, 2009.
Most of the properties in Marlboro Township have been inspected and measured. Revaluation of the properties that the appraisal company was not able to enter will be based upon neighboring properties as well as recent sales in the neighborhood.
Mike Imbriaco of the Marlboro Township Tax Assessor's Office said that while the appraisal company is using recent sales as comparables in arriving at the new valuations, they are weeding out foreclosures and short sales for the purposes of determining market value of properties in the township.
Mr. Imbriaco said that the appraisal company will be mailing out notices about the new assessments in late December or in January.
After receiving the notice, it would be a good idea to be pro-active and take advantage of the opportunity to sit down with a representative from the Realty Appraisal Company for a one-on-one informal review, according to Mr. Imbriaco. This will enable you to verify that your square footage, lot size, number of bedrooms and baths and other features were accurately recorded on your property card. This could be especially important if the appraisal company did not inspect the inside of your home.
If you believe that your property has been over-assessed, you can appeal your assessment. Mr. Imbriaco pointed out that you can appeal your property assessment, but not your taxes. The appeal deadline is May 1, 2010.
Once all the valuations are determined, the Township will adjust the tax rate. The tax rate is the multiplier that is used to determine the actual tax bill for each property. (The current tax rates in Marlboro range from $4.21 to $4.246 per $100 of valuation, depending upon which Fire District the property is located in.)
The new tax rate for Marlboro Township will be disclosed in July of 2010. At that point, it will be too late to appeal your valuation, Mr. Imbriaco said.
When the new tax bills come out in July, many property owners will see their taxes decrease, while many others will find an increase in their taxes. A good many will see little change in their tax bill.
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