The Township of Rockaway has been approved by the Director of the Division of Taxation, to complete a Municipal wide reassessment for the 2018 tax year. Appraisal Systems of Glen Rock, New Jersey will be assisting this office with completion of the reassessment.
What is a Reassessment?
A reassessment is a less evasive method of updating the values of all the values to current market trends within the Municipality. The last revaluation for the Township of Rockaway was completed for the 2012 tax year. Since that revaluation this office in conjunction with the outside firm has been conducting inspections throughout the Township. Based upon changes in the market conditions since 2012 for the Township, the reassessment was applied for.
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 as valorem or a tax “according to the value.” The State Constitution requires real property to be assessed at the same “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.
Since the last revaluation, inspections have been taking place and the real estate market has been analyzed for changes. For the 2017 tax year all assessments in the Township represented 90.74% of their true value. It was determined by the Division of Taxation that for the 2018 tax year the average ratio would be 85.64% of true value. The percentages indicate that the values in the Township have increased since 2012. By completing the reassessment all values will represent 100% of their true value as of October 1st, 2017 for the 2018 tax year.
The Process Cont’d:
The real estate market trends are analyzed by conducting a sales study. This includes an examination of all sales which took place within the last three years of the reassessment, a delineation of neighborhoods and an analysis of any land sales which may have taken place during that period. Commercial properties are examined in terms of their income-producing potential as well as any sales that have occurred. As a result of the research, the value of a given piece of property can be determined and market value established. By completing reassessments within the Municipality the changes in the real estate market can be made on a more frequent basis, as opposed to waiting every 10 to 12 years to update values.
After the values have been 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 2017 assessment and the new 2018 assessment. Please do not apply the current tax rate to the new assessment.
Since this is a reassessment year the Deadline for filing an appeal is May 1st, 2018. Properties with assessed values under $1,000,000, must file to the Morris County Tax Board. All assessments in excess of $1,000,000 have the ability to file directly to the Tax Court of New Jersey.
This Tax Assessor’s office is available, Monday through Friday, from 8:30 Am to 4:30 Pm to answer your questions.
The Tax Assessment office is responsible for the valuation and maintenance of ownership of property within the Township. For the 2012 tax year all assessments represent 100% market value based upon the completion of a municipal wide revaluation.
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 of Rockaway was submitted to the Morris County Board of Taxation and accepted. At this time any changes to the tax list can only be effectuated through the tax appeal process. The deadline for filing an appeal this year is April 1, 2016. All appeals are made through the Morris County Board of Taxation, if your assessed value is $1,000,000 or less. Assessments in excess of $1,000,000 can file directly to the Tax Court of New Jersey.