Property revaluation notices in the mail

FRANKLIN — Any day now, borough taxpayers will find an extra notice in their mailboxes: the results of the recently-concluded property revaluations. Notices sent out this week inform property owners of the new value of their homes, based on the recent inspections done by Morristown-based Appraisal Systems, the firm hired by the borough to conduct the revaluation. But, they won’t know yet how much they’ll be paying next year. That’s because the borough’s 2010 tax rate has not been set yet. Mayor Paul Crowley says, residents “will get the new revaluation, but ... can’t use the old (2009) rate because you have to wait for the 2010 rate(s) to come out to see what your taxes will be.” The purpose of a revaluation, said borough administrator Richard R. Wolak, is to “equalize the value of properties for some that were extremely high and for others, extremely low.” In other words, revaluations are meant to ensure that everyone pays their fair share. The last borough revaluation was in 1996. According to information provided by the borough, the current overall value of properties, residential and commercial, amounts to about $224 million. According to county and state guidelines, that is only about 50 percent of what it should be: that figure can be expected to roughly double. But while many are fearful of what their new evaluation will be, this time they have an unexpected factor going for them: The current weak economy, without which the numbers would likely have been higher. Weak economy plays a factor “Oh, absolutely,” Wolak said. “What you could sell your house for two years ago is not what you could sell your house for today. And that translates into that if your assessment is lower, your tax obligation is lower.” In the meantime, those unhappy with their assessments can schedule meetings with Appraisal Systems by appointment at the Littell Community Center, borough tax assessor Scott Holzhauer said. To contact Appraisal Systems, visit their Web site at www.asinj.com or 1-800-994-1999. “If they’re not satisfied with the revaluation company, then their next step is to file an appeal with the county board of taxation, on or before May 1,” Holzhauer explained. “My opinion won’t be much different than the revaluation company’s opinion. If I make a reduction at the expense of other people, it’s not fair.”