Revaluation underway in Wantage Township

WANTAGE-When the announcement was made that Wantage Township will begin revaluating the homes of its residents, a collective groan could be heard from Colesville to Quarryville. But, officials say, homeowners need not dread the outcome of this procedure, or its affect on their taxes. "The intent of a revaluation is not to generate more taxes for the township, but to ensure taxes are apportioned fairly," said Melissa Rockwell, Wantage Township's tax assessor. "The actually tax levy is determined by school, county, and municipal budgets. The purpose (of the revaluation) is to redistribute the tax burden fairly without affecting the total amount to be raised." A revaluation is a state mandated procedure that towns must complete every few years. In the case of Wantage, the last revaluation was done in 1990-1991. Since then, property values have changed significantly. The State of New Jersey mandates that each home within a township be assessed at 100 percent of its market value. When markets change as significantly as they have in the last 14 years, the assessed value of a home needs to be updated. Currently, Wantage homes are assessed at 62.46 percent of their market value. This is extremely low when compared to state standards. What does this mean for the tax burden of Wantage residents? As Rockwell stated, the intent is not to raise revenue for the township but instead to make sure that everyone is paying his or her fair share. Some older homes will be assessed higher than they are currently, thus raising their tax share. Conversely, homes that were built recently will have their assessed value very close to their actual market value. Market value is determined by a comparison analysis of similar properties in similar areas. Wantage is using the firm of Certified Valuations, based in Randolph, to complete the study over the course of the next two years. The firm has completed many revaluation studies in communities similar to Wantage. The revaluation will be done in two stages: external and internal inspections. At the time of this printing, photographers are out taking pictures of the all properties, and according to Rockwell, will finish by July. Inside inspections tend to make residents leery because of their more invasive nature. However, though the township does encourage residents to allow the inspectors into their homes, they stress safety precautions. "We urge residents to check ID's, and, when in doubt, they can call either the number provided by the recent mailer, the assessor's office, or the state police," Rockwell said. When a particular section of town is going to begin interior inspections, the residents of that section will be notified by mail. The inspectors' photos will be available for viewing in the Municipal Building. Market value is determined by comparison values, but certain amenities will increase the value of a home. The biggest feature in terms of increasing value, said Rockwell, is square-footage. Other features such as radiant heat instead of electric or forced hot air heating will raise a home's assessed value. The total price tag for the revaluation that Wantage will pay is close to $480,000. The state defrays none of the cost.