Following in the footsteps of neighboring municipalities like River Edge, Cresskill and Dumont, the borough of Oradell has ordered a reassessment to stave off more tax appeals.
of Glen Rock, which performed the reassessment for the other towns was hired on Tuesday night to compile updated housing value results for $71,000.
"It is a mini revaluation," Mayor Joseph Murray said. "They will look at sales from the last few years, visit those homes they did not visit during the last revaluation and any new construction that has taken place."
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.
"The impetatus for this is the number of tax appeals and the declining housing market," Murray said. "The presumption here is that a lot of real estate values have declined but we don't know."
Beginning in July and August, Appraisal Systems will start to deliniate the various neighborhoods and visit any homes. The entire reassessment is expected to be completed by January.
But Councilwoman Donna Alonso stated that residents should not expect to save money following the assessment as even if a housing value is reduced the tax rate would still increase.
The assessment by Appraisal Systems for River Edge cost the borough approximately $174,000 by teaming up with Cresskill and Dumont to share the cost. For the past two years the borough had been slammed with tax appeals, approximately 150 as of and then 132 by .
in River Edge had both , and upset as newer construction or upgraded homes have watched their property taxes skyrocket in excess of $17,000 to $20,000.