TOWNSHIP OF WASHINGTON—The Township Council requested its tax assessor to obtain estimates for a total township property reassessment in 2024, with bids to encompass a complete assessment followed by a four-year and five-year rotating assessment program.
Administrator Mark DiCarlo confirmed to Pascack Press that Township Tax Assessor Sarah Holbig was requested to provide an estimate for the two property tax reassessment programs. He said that amount would be requested in the 2024 budget and must be approved by council before going out to bid.
Holbig told council on Feb. 5 that the township was likely on the county’s list to be mandated to complete a full property revaluation, which could cost at least $100,000 more than a reassessment, if it did not act soon on a reassessment or revaluation.
She said the last full revaluation of township properties was done in 2014. She said the assessment to sale ratio is currently 73.33%, according to the state Division of Taxation. She said when the ratio drops to 85% or below, the town should reassess.
She said the purpose of a reassessment or revaluation is not to increase or decrease taxes, “but appraise the values in a municipality according to its true and fair value.” Holbig told council she felt it best for them to begin a property reassessment before being ordered to by the county, which could save them a lot of money. She offered a brief presentation and answered questions from the council for about 30 minutes.
She said a five-year assessment program, which includes a complete town-wide reassessment in year one, and subsequent reassessments in 25% of the town in each of the following four years, generally costs $230,000 in the first year and $60,000 for each following year.
She did not provide costs for a possible six-year program, which would spread out overall costs over one more year than the five-year rotating reassessment program.
Holbig said that the township was “lucky enough” as it was not hit by a lot of tax appeals as the appeals would have been more difficult to defend due to a lack of a recent assessment or revaluation.