Public Statement Regarding The Vestry Property Tax Assessment

Published on October 07, 2026

The allegations made at the September 29 Council meeting and in a subsequent email against Municipal Assessor George Librizzi rest on a fundamental misunderstanding of assessed value and market value.  The figures cited do not substantiate accusations of corruption or unlawful favoritism.

The Vestry’s current assessment is $8,951,000, and its identified 2027 assessment is $8,000,000. An $8 million assessment does not represent an $8 million market valuation.  Applying Montclair’s State-established 2027 assessment ratio of 52.38 percent, that assessment corresponds to an implied market value of approximately $15.27 million.

That implied value exceeds the Township’s appraisal conclusions of $12.05 million for 2024 and $13.37 million for 2025, as well as the owner’s appraisal of $11.37 million for 2025.  These figures concern different valuation dates, but they demonstrate why comparing an assessment directly with an appraisal—without accounting for the applicable ratio—is misleading.  A lower assessment does not, by itself, establish an improper concession.

Neither the property owner’s appraiser nor the Township’s appraiser utilized the sales comparison approach to value The Vestry.  Both used the income capitalization approach, an accepted method of estimating market value for income-producing properties.  Simply multiplying another building’s sale price per apartment by The Vestry’s unit count does not establish its value without analyzing differences between the properties, income & expenses, and relevant terms surrounding the transactions.

The Municipal Assessor serves in a quasi-judicial capacity and exercises independent professional judgment in evaluating assessment evidence.  The Township welcomes public scrutiny and legitimate questions.

The assessment and appraisal figures cited do not support the accusation that Mr. Librizzi acted unlawfully.  Residents deserve accurate information grounded in the complete record.  The Township remains committed to fair and equitable assessments and to correcting misinformation that undermines public confidence and unjustly damages an employee’s professional reputation.

The Municipal Assessor acted in full accordance with the law.