New Reassessment Shows Declining Housing Values in Oradell
Most homeowners will see a decline in their housing values, but not all will see the same tax break
Struggling with tax appeals and a declining housing market, Oradell's recently completed reassessment has shown that the majority of housing values in town have all fallen.
Appraisal Systems of Glen Rock was hired in late June to perform a reassessment over the 2012 summer for $75,000. Oradell had a full revaluation performed in 2008 by Appraisal Systems and due to the contract at that time, the borough was entitled to a reduced price for the assessment.
"Oradell's reassessment has the town's housing values going down," Mayor Joseph Murray said. "Thirty percent of homes should see their tax bills go down greater than $250. About 57% could see their bills go down anywhere from $249 or up $250 for a tax neutral scenario and 13% may see their tax bills go up in excess of $250."
The reassessment looked at the housing market from 2011 and 2012 along with inspecting any homes that may have been missed during the 2008 revaluation. Of the 75 house sales in 2011, 22 of those were considered either an estate sale, teardown sale, or short sale. The following year, only nine of the 74 sales were an estate or short sale.
Appraisal Systems estimated that the 2013 tax rate would be $2.631 without a budget increase, but the actual tax rate will be finalized until the assessment has been approved by the County Tax Office.
Basesd on an estimated tax impact, a homeowner whose property was initially assessed at $531,700 and is now marked at $465,200 could see a $240 decrease in their taxes.
At the same time, a property previously assessed at $491,200 and is now showing a $446,300 assessment would actually see their taxes go up $214.
Residents with any questions regarding their property evaluation cards or the reassessment can set up a one-on-one meeting with Appraisal Systems by calling 201-493-8530, Monday through Friday, 10am to 4pm.