Saturday, February 23, 2013
Madison's first revaluation in a dozen years complete.
Madison homeowners recently received cards in the mail with a dollar figure on them that could affect their property tax bills for years to come, though the exact impact is not yet known. For the first time in a dozen years, updated assessments for properties in the borough were established to bring assessed values to market value. Before the revaluation, most assessments were at about 60 percent of market value, borough officials have said. But while the values increased, a big jump in assessment doesn't necessarily mean a big jump in taxes. Whether a person's tax bill will go up as a result of the revaluation could depend on whether values in their neighborhood increased or decreased disproportionately to values in other neighborhoods, …
Monday, March 19, 2012
Borough's first reassessments in 12 years will set new values for homes and businesses.
To address the hangover from the soft real estate market of 2007 to 2009 and determine whether certain neighborhoods were affected disproportionately by the slump, Madison will conduct a property revaluation this year. The changes that result from the process will be seen on property tax bills in 2013. Mayor Robert Conley, at a Feb. 27 public session on the revaluation process, said state law requires municipalities to conduct a revaluation every 10 years in order to equalize the property values across a municipality. The goal is to keep the ratio between assessed value and market value at 100 percent, he said. Madison’s ratio was approximately 60 percent, he said. State law allows a county tax board to order a revaluation when the …
Monday, February 27, 2012
Process key to assessing property taxes.
The governing body has invited all residents to a special public information meeting Monday night at Hartley Dodge Memorial 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-…
BeachBum
9:46 am on Monday, February 25, 2013
Its NJ taxes are highest in the nation - Madison residents can afford the high tax rate - If your taxes stay the same keep your mouth shut more ›