Property Revaluation Info Meeting Tonight

The governing body has invited all residents to a special public information meeting Monday night at to discuss the details of the upcoming borough property revaluation. The meeting will begin at 6 p.m.

According to the state Treasury Department, "a revaluation is a program undertaken by a municipality to appraise all real property within the taxing district according to its full and fair value."

A revaluation program seeks to spread the tax burden equitably within a
municipality. The most recent revaluation in Madison was conducted in 2000.

To bring borough property values in line with a softer real estate market, the Borough Council in June 2011 approved appropriations totaling $600,000 to pay for the county-ordered revaluation of property values, to be effective Jan. 1, 2013.

The borough in 2011 was liable for nearly $1 million in tax appeals. Tax appeals for 2011 total $180,000. About a third of those was paid out of 2011's budget surplus. At the time, the remaining 70 percent were pending in court, with estimated refunds totaling $480,000.

A total of $68,000 in appeals were also pending from 2009 and 2010, with estimated refunds of $250,000, for a total of $938,000 in non-budgeted liability.

It was not immediately known how many of these appeals had been resolved heading into 2012.

Council President Jeannie Tsukamoto said at the time that the need for a  revaluation was critical, despite the upfront expense.

“But we must do it to prevent these kind of payments for appeals in the future,” she said.

In a revaluation, an assessor is hired by the borough to physically inspect properties, review recent sales, and analyze all information that could have an influence on property value in order to make a proper determination of each property's full and fair value.

Typically, a revaluation results in an increase in nearly all individual assessments, but that doesn't mean all property taxes will increase. The tax rate won't be known until the assessments are filed and Madison knows exactly how much it must raise through taxes to support the 2013 budget.

Also, property owners can appeal valuation assessments with county or state tax authoritities.