Livingston Township has been ordered by the Essex County Board of Taxation to conduct a town-wide revaluation of all real property within the Township. The values are to be applicable to the 2020 tax year.
The Township has contracted with revaluation company Appraisal Systems, Inc. (ASI). ASI has begun the "public" side of the process by mailing out introductory letters and an informational pamphlet.
- A revaluation does not authorize or result in 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.
- This revaluation will determine the full and fair value of every property as of the exact same date -- October 1, 2019 -- under the exact same standards, by the same appraisal company. The new values will be applicable for the 2020 tax year.
Taxpayers who disagree with their proposed assessment will have the opportunity to meet with ASI after inspections and appraisals have been completed.
An option to file a formal tax appeal is available to any taxpayer whose valuation dispute is not resolved informally with ASI prior to the filing and certification of the 2020 tax list.