Friday, February 1, 2013
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…
Thursday, June 28, 2012
Final resolution to authorize Appraisal Systems is coming in July
Oradell is one step closer after Tuesday's Council meeting to approve Appraisal Systems of Glen Rock to perform a reassessment this summer and fall. The governing body approved an ordinance to fund the $75,000 price tag. A final resolution authorizing the reassessment will be approved in July. 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. 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. Neighboring municipalities such as Cresskill, Dumont and River Edge all recently completed their …
Thursday, June 14, 2012
Appraisal Systems of Glen Rock will begin work on the reassessment this summer
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. Appraisal Systems 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 …
Tuesday, April 17, 2012
Tax appeal deadline pushed back to May 8 for residents
The lone good news that came out of Monday night's meeting with River Edge Tax Assessor James Anzevino and Rick Del Guercio Jr. of Appraisal Systems Inc., is that the deadline to file a tax appeal to the Bergen County Board of Taxation has been pushed back to May 8. But both Del Guercio and Anzevino defended the results of the most recent assessment citing the lack of a housing uniformity in town and a prior 2005 assessment. "There was no uniformity in the old assessment where House A was assessed at $250,000 and House B just next door was $150,000," Del Guercio said. "Now everything has shifted to an equalized value at the same level. While your town ratio was 92% (prior to the assessment), a lot of homes were assessed at either 72% or …
Tuesday, April 10, 2012
Still upset about the new reassessment results, one developer is at a loss while several residents say they're considering moving.
Local realtors are not the only ones in River Edge who are still reeling from the 2012 reassessment results as one developer and a handful of residents try to decide what to do next. Housing developer Joe Polaco was originally planning on constructing a pair of 2500-square-foot houses along Park Avenue but following the reassessment, he had to drop those plans. "I was looking to get started but right now I'm completely shut down due to a lack of interest regarding the taxes," Polaco said. "These would have been simple houses and I'm stuck with plans and property that I can't sell. I also have a house on Madison Avenue and those taxes will be between $18-19,000 and the lack of interest there is evident. I have three properties in town that …
Tuesday, March 6, 2012
After spending $174,000 in a reassessment, River Edge officials and residents did not get the expected results
"I hate to say I told you so, but I told you so," summed up Mayor Sandy Moscaritolo's reaction to the news about the River Edge reassessment results. Out of the 83-page report the majority of homes will see a reduction in their assessed value but at the same time those residents seeing an increase ranging from 16% to 109%. "The reassessment was a bad idea," Moscaritolo said. "It's a shell game to move numbers around and its opened a can of worms. Residents who had newer construction homes, did work or made improvements will bear the brunt of the reassessment. I have two words for you 'tax appeal.'" The assessment by Appraisal Systems cost the borough approximately $174,000 by teaming up with Cresskill and Dumont to share the cost. For the …
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9:27 am on Friday, June 29, 2012
again most properties in RE went down in taxes more ›