WHY IS THE BOROUGH CONDUCTING A REASSESSMENT?

 

Northvale, along with 18 other municipalities, has been mandated to conduct a reassessment by the Bergen County Board of Taxation. The last full assessment of properties in the Borough occurred in 2005. The assessment is taking place throughout 2025 by Appraisal Systems. It has been determined that the current assessments in the municipality are no longer uniform and representative of 100% of their true market value.

 

The purpose of a reassessment is to fairly distribute the necessary tax burden among all property owners based upon the true value of their property. This is the law.

 

WILL THIS INCREASE MY TAXES?

Not necessarily. The effect of the reassessment on your tax bill may vary and there are a number of reasons why it is impossible to predict the impact on any individual property owner’s tax bill. The reassessment will not increase the total amount of revenue to be raised by taxation. The amount of property taxes is based on the cost of operating the school district, county government and municipal government. The reassessment will change the aggregate value of property in town, however because the same amount of overall tax is to be collected, the tax rate will change. Until the reassessment is complete and the tax rate computed, it will

be impossible to determine your property tax bill.

 

THE LAW

New Jersey’s real property tax is ad valorem or a tax “according to the value.” The State Constitution requires real property to be assessed at “the same standard of value.” New Jersey Statutes at N.J.S.A. 54:4-23 establish the standard to be the “full and fair value” or “true value.” True value represents the fair market value of the

property or the price for which it would sell in an arms-length transaction between a willing buyer and a willing seller.

 

HOW ARE VALUES ESTABLISHED?

All of the information that is believed to have some bearing on the value of a home will be collected, reviewed and analyzed in order to make a proper determination of the full and fair value of each property. Additionally, real estate market value trends are analyzed by conducting a sales study. This includes an examination of all sales which took place within three years of the date of reassessment, a delineation of neighborhoods, and an analysis of any land sales which may have taken place during that period. Commercial properties are examined in terms of their income-producing potential. As a result of this extensive research, the value of a given piece of property can be determined, and market value established.

 

WHY A FIELD VISIT OF PROPERTIES?

The sole purpose of the field visit is to record information relative to the structure which will affect its value. Property evaluators, working for Appraisal Systems, gather necessary data about the interior and exterior of each property. Property evaluators will not be determining the final assessment of the property. He/She is simply gathering data to be used by the appraiser at a later date.

 

It’s important to point out that the valuation of your home will be based on the total living area in terms of square footage rather than by a room count, although the inspector will list the total number of rooms for descriptive purposes only. Aside from the living area, other features which will affect the valuation of your home include: remodeled bathrooms and kitchens, finished basements, central air conditioning, decks and patios, pools, garages and overall condition of the home. 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 affect value.

If unable to gain entrance at the time of the first visit, the field representative will leave a card suggesting a time for a return visit and a phone number to enable you to schedule the next visit at a mutually convenient time. If at the time of the second visit an interior inspection is again not possible, a considered estimate of the interior structure of the premises will be made by the inspector. This information will be recorded on a card and left for the homeowner. If the estimate is incorrect, the property owner may call the phone number on the card to arrange for an interior evaluation of the property at a mutually convenient date and time. Appraisal Systems must develop accurate records based on actual field visits and not existing documents.

 

WHAT CAN I EXPECT DURING A VISIT BY THE FIELD INSPECTOR?

 

For starters, when the inspector arrives at your door be sure to ask to see proper identification before allowing admittance to your home. If you have any doubts about the person's identity, refuse entry and call the Police Department for verification. Appraisal Systems will not enter your property unless the owner or an adult representative of the owner is present.

 

CAN I REFUSE ENTRY TO THE FIELD INSPECTOR?

 

Yes, you may refuse entry to your home, but is in your best interest to see that as much information as possible is gathered to help insure an accurate assessment. If an appraiser cannot inspect the inside of a building, it's possible an inaccurate assessment may result. The law provides that a property can be assessed at the highest reasonable value if the field inspector is denied entry.

 

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.

 

For More Information please visit the FAQs found on the Appraisal Systems website: http://www.asinj.com/faqs.htm