Newspaper article The Record (Bergen County, NJ)

Rutherford Asks County to Delay Property Revaluation Directive

Newspaper article The Record (Bergen County, NJ)

Rutherford Asks County to Delay Property Revaluation Directive

Article excerpt

RUTHERFORD - Pointing to positive housing market trends, Rutherford is requesting permission from Bergen County to hold off on conducting a borough-wide revaluation that the county wants performed in 2018.

The borough requested and was granted a one-year extension in October on conducting a revaluation by the Bergen County Board of Taxation. Around the same time, the mayor and Borough Council commissioned McNerney & Associates to perform a market analysis. Citing the results of that study, the mayor and council voted on Monday to request that the county rescind the directive to conduct a borough-wide revaluation in 2018.

Revaluations are conducted about every 10 years with an appraisal of every property in an effort to reflect a municipality's true value, or when indicators of a lack of uniformity are evident, such as when the sales ratio falls below 65 percent, or when the general coefficient of deviation is high, which shows a lack of uniformity of assessments.

Councilwoman Stephanie McGowan, who took over as finance chairwoman in January, explained that the extension was to give Rutherford time to investigate. Preliminary data from the McNerney review projects that in 2017, Rutherford's ratio is 94.35 percent and general coefficient is around 13 percent, both positive indicators.

"Based on the market trend analysis, what we found was property values are on the rise in Rutherford. The idea was to minimize the amount of misinformation about this process and any undue negative impact to residents," said McGowan. "The only indicator of the three would be the number of years. It was the advice of legal counsel and this firm who assisted us that it would have a negative impact to the residents."

Rutherford would like the opportunity to continue to monitor until the data suggests it's appropriate to move forward, McGowan said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.