The Township of Rockaway has been approved by the Director of the division of Taxation, to complete a Municipal wide reassessment for the 2023 tax year. This is a continuation of the process of reassessment that was started for the 2018 tax year. This process will continue for the coming tax years. Appraisal Systems of Glen Rock, New Jersey will be assisting this office with the completion of the reassessment.
What is a Reassessment ?
A reassessment is a less evasive method of updating the values of all the properties in the Township to reflect current market trends. The goal of a reassessment is to make sure that all properties are valued on the same standard of value. A reassessment when completed reflects 100% market value for all properties within the Township.
Will this increase my Taxes?
Not Necessarily. The effect of the reassessment on your tax bill may vary and there are a number of reasons why it is impossible to predict the impact on any individual property owner’s tax bill.
The reassessment will not increase the total amount of revenue to be raised by taxation. The amount of property taxes is based upon the operating budgets of the Municipal Government, School Districts, County Government and State Aid.
The reassessment will change the aggregate value of the properties in the Township, however because the same amount of overall tax is to be collected, the tax rate will change.
Until the reassessment is complete and the tax rate is computed, it will be difficult to determine your property tax bill.
New Jersey’s real property tax is an ad valorem tax or a tax “according to value”. The state Constitution requires real property to be assess at the “same standard of value”. New Jersey statutes at N.J.S.A. 45:4-23 establish the standard to be the “full and fair value” or “true value”. True value represents the fair market value of the property or the price for which it would sell in an arms-length transaction between a willing buyer and willing seller.
As per the requirements of the Director of the Division of Taxation, 20-25% of the Township will be inspected every year. Letters will be sent to the affected areas of the Township which will include recent sales and different neighborhoods in the Township. All building permits are also reviewed each year, unfortunately due to the volume of permits we do not send letters out. A diligent attempt will be made to inspect the exterior and interior of each property. If you are not home a card will be left on the door with information to call for an appointment. This means that each property will be inspected every 4-5 years.
The Process Cont’d:
The real estate market trends are analyzed by conducting a sales study. This includes an examination of all sales that have taken place over the past three years to develop trends throughout the Municipality. The Township has been delineated into neighborhoods which are reviewed based upon sales. Additionally, the styles of homes are analyzed to determine the trends for particular types of properties. Commercial properties are examined in terms of their income-producing potential as well as any sales that have occurred. As a result of the analyses, a value is determined for every property in the Township. By completing annual reassessments within the Municipality the changes in the real estate market can be made as they occur. This includes increases as well as decreases to the market. The impact on assessments should not be at the same levels as the changes from the reassessment for the 2021 tax year.
After the values are determined, each property owner will receive the Chapter 75 Postcard on or before February 1st as per Statute 54:4-38.1. The postcard will indicate the 2022 assessment and the new 2023 assessment. Do not apply the current tax rate to the new assessment.
Since the Township is continuing with reassessments the deadline for filing an appeal of the assessment is May 1st, 2023. Properties with assessed values under $1,000,000 must file with the Morris County Board of Taxation. All assessments in excess of $1,000,000 can file directly to the Tax Court of New Jersey. The appeal process only deals with the assessed value of the property. The amount of property taxes that are paid are not part of the tax appeal process.
The Tax Assessor’s office is available, Monday through Friday, from 8:30 AM to 4:30 PM to answer any questions.
The Tax Assessor’s office is responsible for the maintenance of the ownership of property within the Township. For the 2023 tax year all assessment will represent 100% of true value due to the completion of the Municipal Wide Reassessment .
Morris County Board of Taxation
Assessment data, sales data, tax maps and GIS data can be searched through the Morris County Board of Taxation at Tax Board.
All forms for deductions, exemptions, farmland and appeals are prescribed by the Director of the Division of Taxation and can be viewed on the State of New Jersey Department of the Treasury Local Property Tax Forms page.
Property Tax Freeze Program
For information on the Property Tax Freeze Program can be reviewed at on the State of New Jersey Department of the Treasury Property Tax Reimbursement (Senior Freeze) Forms.
The tax list for the Township is submitted to the Morris County Board of Taxation each year on or before January 10th. Once submitted, changes can only occur through the Tax Appeal process.