Property Revaluations Discussed During Morristown Meeting

MORRISTOWN, NJ — Starting next month, the town's properties will be revalued for the first time in nearly two decades. To kick off the process, town officials held a special meeting this week to explain why the process is necessary.

The upcoming revaluation, mandated by the Morris County Tax Board, will begin with fieldwork for commercial properties during the first week of August.

According to Appraisal Systems vice president Rob Brescia, who gave the presentation, the revaluation is being done to ensure that everyone in Morristown pays their fair share.

The revaluation would be the first since 2004 in the 20,000-person community and is coming after years of major redevelopment projects throughout the town.

Morristown's market has changed significantly since the last revaluation in 2004, and the Morris County Board of Taxation and the New Jersey Division of Taxation have ordered another to determine who's houses have increased in value and thus who will be paying more property taxes to the state and county in 2023, Brescia said.

Town officials have stressed that the process does not imply that all residents and business owners will face higher property taxes; rather, the new tax rates are based on townwide averages.

Residents whose property values have increased at a faster rate than the town average should expect higher tax rates, while those whose values have increased at a slower rate should expect lower tax rates. Residents whose properties have increased in line with the town average should not expect their tax rates to rise.

"Real property must be assessed at the same standard of value to ensure that every property owner pays a fair share of the property tax. For example, if the market value of your home is $300,000, it should be assessed at $300,000; if you have a market value of $600,000, your home should be assessed at $600,000," town officials said.

Beginning in late September, Appraisal Systems inspectors will visit homes between the hours of 9:30 a.m. and 5 p.m. to gather information for revaluations.

If a resident is not present at the time of the first visit, the employee will leave a card with instructions on how to schedule an inspection. If the company does not hear from the resident, representatives will make an unscheduled second visit.

Each revaluation includes an exterior inspection, which includes measurements and photographs of the property's exterior, as well as an interior inspection, which necessitates entry into each building.

Inspectors will determine the value of a property by inspecting the site dimensions and looking for certain positive or negative qualities, such as a nice view of the surrounding area and whether the area is prone to heavy traffic. Inspectors will also consider the house's overall condition and room count, Brescia said.

After the revaluation is completed, residents will be notified of their results and will be able to meet with a representative in person or virtually to discuss them. Residents can also challenge their revaluations if they believe their rates were exaggerated.