As ordered by the Essex County Board of Taxation, the Township has begun a town-wide revaluation of all real property in the Township. The Township's contracted revaluation company, Appraisal Systems, Inc. (ASI), has begun the "public" side of the revaluation process by mailing out introductory letters and an informational pamphlet. Additional information, details and answers to frequent questions regarding the revaluation can be found in the following letter from the Township Manager:
Township Manager Revaluation Letter - October 26, 2018
Key facts to know about the revaluation are:
- The revaluation does not result in nor authorize any additional taxes being collected by the Township.
- The Township, Board of Education and County are limited to collecting the same total taxes and subject to the same statutory “caps” or limits on annual increases whether a revaluation occurs or not.
- The tax rate is determined by dividing the total tax levy by the total assessed value.
- When the total assessed value of property increases as a result of a revaluation, the tax rate decreases.
- Properties whose values have appreciated in line with the rate of appreciation of the total assessed value will see no impact on their taxes as a result of the revaluation.