Saturday, August 12, 2006

Passaic County - The Tax Man Cometh

From the Herald News:

County board orders revaluations

The Passaic County Board of Taxation expects to order all municipalities to undergo property revaluations within three years said Richard Mohr, board president.

Ringwood, North Haledon, Little Falls, Totowa and West Paterson will initiate the process, having received letters ordering revaluations last month. The next batch of municipalities will receive notices next summer, he said.

It has been nearly two decades since the last countywide revaluation. In 1985, the taxation board ordered all county municipalities to re-evaluate their tax base, and the process was completed between 1986 and 1992 by all municipalities except Paterson, said Mohr. Paterson is currently undergoing a revaluation and hasn't completed one since 1971.

Homeowners shouldn't assume that their tax bill will increase because their property value will be updated, said Mohr. Taxes increase across the board as municipal, school, open-space or county spending increases -- not as property values rise, he said.


Blogger jayb said...

Why would you do reassessments in the middle of inflated housing prices? I'm assuming they won't value all the housing at 100%?

8/12/2006 08:40:00 AM  
Blogger Richie said...

The whole point of a revaluation is to assess at 100% market value. My guess is they want to get the revaluation while it's still high.

This is what happened in my town (Pequannock) with the revaluation in 2005.

All the small homes faced the biggest increases while the large homes got tax breaks. Why? Because people can only afford the smaller homes driving the prices sky high. When cape cods that should be worth $179k are fetcking $450k, that's your new baseline. You'll be taxed on that $450k assessmen.

Consider it a bad curve. There's no low end homes anymore, so there's less of a range to spread the tax base around. The smaller homes get the big end of the stick, while the bigger homes see a mild increase, or better yet, a decrease.


8/12/2006 09:09:00 AM  
Anonymous Anonymous said...

i agreed with richie, this is a screw job for the smaller home

and at least passaic is not hiding
it. they are telling the taxpayer
right now. Your taxes are going

8/12/2006 09:19:00 AM  
Anonymous Anonymous said...

I apologize for sounding like a broken record but I'm a firm beliver in challenging your tax assessment. Don't act like a bunch of sheep, appeal your tax bill don't just accept it. It's time to get MAD and start speaking up !!

8/12/2006 09:51:00 AM  
Anonymous Gary said...

BWAAHAAAA!!! This is f***ing classic. How bad does this state suck? People are f***ing idiots... just take it up the wazoo an don't ask why. Who is going to be living in NJ in ten years? As I said time and time again, nothing will change.

Gas going to $4 a gallon, outrageous heating costs, sales tax raised 17%, car insurance is highest in the nation. Did I miss anything?

My predication: house prices drop 40% over the next 3 to 5 years.

8/12/2006 10:45:00 AM  
Blogger Richie said...

In order to challenge your assessment, you need a good tax appeal lawyer, and the comps have to work in your favor.

If they assess you at $500k, and you think it's $300k, well you can blame the neighbors who sold their home for $500k because that's what most of the assessments are based off of.


8/12/2006 10:48:00 AM  
Anonymous Anonymous said...

Who is going to be living in NJ in ten years?

Public employees (40% of population), illegal immigrants (30%), local welfare recipients (30%).

8/12/2006 12:14:00 PM  
Anonymous Anonymous said...

If we continue at the rate we
a presently growing Illegals
will make up the majority in

Grim, quick, close the thread.

8/12/2006 02:29:00 PM  
Anonymous Anonymous said...

Does anybody think that NJ has
a Gang Problem?

8/13/2006 09:03:00 AM  
Blogger Richie said...

Does anybody think that NJ has
a Gang Problem?


We have the Unions, and the Politicians.

Try to mess with any of them and you get your ass beat or pay dearly.

8/13/2006 09:32:00 AM  
Anonymous Anonymous said...

In trying to explain whats going
on in the state a few floks have said to me,,,"your all gloom and
doom", I say, does anybody know
whats going on?

The answer seems to be that most
people are not aware of the problems.

It just goes on and on, from
the attorney general,(seem to have gone away), to taxes, gangs,jobs

Most people dont seem to give
a hoot.

8/13/2006 09:43:00 AM  
Anonymous Anonymous said...

It doesn't matter whether prices are high or low when they reassess, the reassessment will establish relative values amongst all properties in town. Once they know total property values, they can establish a new tax rate. My town just reassessed, and newer homes saw declines while older homes saw increses (mine went up 28%). The real probelm in my area is that residential values rose much quicker than commercial or industrial property values, so when all is said and done, post-re-valuation homeowners are going to bear a larger share of the cost of municipal, county and school budgets.

8/13/2006 04:12:00 PM  

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