Lincoln Park, New Jersey Real Estate - Tax Revaluation
As a real estate agent serving Lincoln Park, New Jersey, as well a Lincoln Park resident, I felt it important to attend tonight's town meeting at the PAL building concerning the tax revaluation. I was surprised that only about 60 people were present at the meeting. It was very informative.
I am going to try to explain some of what was addressed at the meeting, but I would suggest that you contact the Borough of Lincoln Park for a more detailed explanation.
The meeting was led by a representative of Certified Valuation Inc., the company that has been hired by the Borough to perform the revaluation. The Director of the Division of Taxation of Morris County ordered the Lincoln Park revaluation. The average ratio of assessments to market value in Lincoln Park is 47%. The Director of the Division of Taxation usually orders a town-wide revaluation when this ratio is about 50%. Apparently, Lincoln Park was supposed to do the revaluation a couple of years ago, to take effect in 2007, but the process was delayed until the present time.
The representative was sure to stress that a tax revaluation does not mean that everyone's taxes will go up (more than they usually do, anyway.) The town determines the tax rate each year, and the rate is based on the current assessment. Once the town is revaluated, the tax rate will change based on the 100% assessment.
The revaluation process is going to begin in about 2 weeks. Inspectors will be sent to specific neighborhoods to appraise the homes. A letter will be sent to all homeowners about two weeks before the appraisers are scheduled to be in your neighborhood. When the inspectors arrive, they will first evaluate the outside of your house and the property. They will then try to come into your home. All inspectors will have a picture identification. If you are not home, they will leave a card at your door to reschedule. Certified Valuations, Inc. will not enter a home unless an adult 18 years of age or older is present.
According to the representative, it is important that you make every effort to allow the inspector into your home. If the inside of your house is not evaluated, it will be valued as if it is improved. For example, if you have a basement, it will be valued as if the basement is finished, since the inspector was not able to see it.
Once the inspections are complete, all the information will be analyzed, including the home sales in the neighborhood, to determine a new value. This process will continue until 10/1/2008. Then, on 11/1/08, letters indicating the new assessment will be sent to all homeowners in Lincoln Park. The new assessments become official on 1/10/09, and will be reflected on your tax bill on 8/1/09.
If you do not agree with the assessment value, there is an appeal process, first with Certified Valuations, Inc., then with the Morris County Division of Taxation, then with the State.
Certified Valuations has been involved in many revaluations in the state, including the one in Lincoln Park over 10 years ago. Since I am certainly not an expert in tax revaluations, and am just trying to report what I heard tonight, I urge you to visit Certified Valuations, Inc.'s website, and the Borough of Lincoln Park for any additional information.
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