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The Township of Montclair recently contracted Mendham-based Appraisal Systems, Inc. (ASI) to provide a revaluation of all Montclair properties as mandated by the Essex County Board of Taxation and the State of New Jersey.
These are the answers to ASI's most Frequently Asked Questions regarding the valuation process. Also see: Frequently Asked Questions 1: The Inspection Process
Table of Contents
- Why do some homeowners pay more taxes after a revaluation?
- When will I be notified of my new assessment?
- What are my neighbor's assessed values?
- Who can I talk to about my new value?
- When will I find out the results of my informal hearing?
- Is there an official appeal process?
- Can I appeal my taxes?
- Do assessments change whenever a property is sold?
- What will the new tax rate be?
- Can I have a copy of my appraisal?
- Can I use your assessment to remove my PMI insurance?
Why do some homeowners pay more taxes after a revaluation?
Some increases result from correcting inequities, such as improvements to property performed without building permits and therefore not reflected in the assessments prior to the revaluation.
The assessed value is only one component in determining tax rate. The other is the amount to be raised in taxation in each government's yearly budget that each of the four governments - local, county, school and regional school - determine to be required to operate.
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When will I be notified of my new assessment?
After all of the properties in your town have been inspected, the process of determining values takes place. Appraisal Systems will notify each property owner regarding the preliminary assessment of his or her property. If you have any questions or if you disagree with the preliminary valuation, you may schedule an appointment to discuss your concerns with a representative of the company.
These notifications are mailed out at the same approximate time regardless of when your house was inspected. This is generally done in October.
What are my neighbor's assessed values?
Until the revaluation is completed and accepted by the municipality and the county, all of the values are kept confidential as they are still works in progress. Once the official tax book is printed by the county, you may visit the assessor's office in the municipal building and review any and all of the properties in the town. This will occur by January 10th.
Who can I talk to about my value?
An informal interview will be available for property owners who have questions or concerns about the preliminary assessment of their property. The one-on-one interview can be scheduled at a time convenient to the property owner and will take place in Town Hall. You will be provided with a telephone number to call to schedule an interview should one be necessary.
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 that there are conditions that diminish the market value of your property, the interview is your opportunity to bring those factors to our attention. All appropriate comments will be reviewed and considered to determine if an adjustment is in order.
During the period for informal interviews, information regarding your neighbors' property values will not be available. However, once property owners have had the opportunity to discuss the data regarding their own property, the results will be made available in the form of a preliminary tax list. This will be made available for review at the Tax Assessor's office during normal business hours.
When will I find out the results of my informal hearing?
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.
Is there an official appeal process if I still disagree with my value?
If you are still dissatisfied with the result of your interview, you can file a formal appeal with your County Board of Taxation prior to April 1st. This step is similar to the informal interview. However, your comments will be heard by a Commissioner of the Board of Taxation. You will be given an opportunity to state the reasons you believe your assessment is inaccurate. After reviewing the facts presented, the Board will render a decision as to whether an adjustment is in order.
In the event you are not satisfied with the decision of the Board of Taxation, you have the right to 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.
Can I appeal my taxes?
Under State law, the actual tax on a property cannot be appealed. However, an aggrieved property owner can file an appeal with regard to the assessment of value (see previous question). The tax rate and a tax assessment are two distinctly different things which are often confused. The tax rate is determined by the dollar amount needed to operate the four governmental entities, while the tax assessment provides the value upon which to apportion the taxes. One appeals a tax assessment, not a rate.
Do assessments change whenever a property is sold?
Property assessments do not change every time a property is sold. According to State law, assessments only change when a property is improved or allowed to deteriorate, or when the municipality undergoes a revaluation program.
What will the new tax rate be?
The new tax rate will be determined by the town after they settle on their budget. This will not be done until late spring.
Can I have a copy of my appraisal?
Once the official tax book is printed, you may visit the assessor's office in the municipal building and review any and all of the properties in the town. It is the prerogative of the individual assessor to distribute copies of the data.
Can I use your assessment to remove my PMI insurance?
Financial lending institutions will not accept mass appraisal for mortgage purposes. They require a different type of appraisal called a "Fannie Mae" appraisal. Refer to the Appraisal Systems, Inc. services page or contact Appraisal Sysems, Inc. if you would like a quote on one of these appraisals: 201-493-7300 |
