Moorestown Reassessment Creates Budget Woes

 

In 2007, when the town of Moorestown found itself slammed by a storm of tax appeals, it hired Appraisal Systems Inc to conduct a revaluation. The company is now being criticized for alleged inequities in values among comparable properties in identical neighborhoods – something critics (including the Mayor) are touting as evidence of ASI’s incompetency.

Yet a statewide study — in which the results of the revaluation were compared to subsequent home sales — uncovered a high degree of conformity between ASI’s assessments and those valuations reflected in house sales recorded in the years following the revaluation.

ASI’s defenders cites a number of mitigating factors that might contribute to assessment variances among comparables, in particular the collapse of the real estate market which occurred shortly after they had completed their reval.

All this scapegoating is no doubt due to the dissatisfaction of Moorestown homeowners, many of whom following the reval experienced assessment hikes on properties which were likely woefully underassessed.

 

The Moorestown Township Council looked at several options for the 2012 budget and its members are anxious to pass an introductory version of it at an upcoming meeting.

Township Financial Manager Tom Merchel suggested a $22.7 million 2012 budget that would effectively increase the township tax bill for an average assessed home of $529,800 in Moorestown by $95.

Merchel was able to reduce the proposed tax-rate increase from the last budget meeting by more than $40, as health insurance costs were decreased by $100,591. Appropriations in the 2012 budget are down by almost $350,000, he said

….More at Moorestown budget could feature a tax increase in 2012 – Moorestown Sun


Here are some other tax appeal sites I found for you to browse. Thanks for visiting njpropertytaxappeal.net.

Moorestown Reassessment Creates Budget Woes
Moorestown Reassessment Creates Budget Woes
What is the average property tax in NJ? - Yahoo! Answers
Lower Home Values & Property Tax Appeals: Real Estate Expert ...
Twitter / John Fazzio: NJ Property Tax Appeals ht ...
Across the U.S.A. - USATODAY.com
Millburn New Jersey - Wikipedia the free encyclopedia


email

Similar Articles

Assessing Your Assessemen... Fair to say,  if you are living in New Jersey, you are probably paying more property taxes than you should. The National Taxpayers Union, in fact, estimates
Trenton Proposed Tax Rate...   The Times of Trenton – NJ.com From Trenton Times: If approved, Trenton property tax hike would make the city's tax rate the … The Times of
A Layman’s Knowledg...   The Tax Court in a recent unreported decision allowed evidence, including adjustments to comparable sales by a pro se taxpayer at trial. However, the case, Kula v.
New Monmouth County Asses...   From: Asbury Park Press Across Monmouth County, a new way of assessing property values, the Assessment Demonstration Program or ADP, is leaving property owners either outraged
Tax Appeals Impact South ...     South Brunswick Tax Appeals Continue to Rise Patch.com Nearly 400 tax appeals filed as township looks for ways to mitigate impact on the budget. By
Senior Property Tax Freez...     From Warren Patch: Seniors Have Until Friday to Freeze Property Taxes Patch.com Senior Freeze essentially freezes property tax bills for homeowners ages 65-years and older
Appeals May Cost Resident...   New Jersey may tighten property tax cap Full story: Asbury Park Press Online Just two towns have ballot questions before voters today looking to exceed the
No Matter Where You Live ...   NJ.com See which N.J. counties have the highest and lowest property taxes NJ.com TRENTON — Three New Jersey counties saw average property tax bills top $10,000
Increasing Number of Tax ... From National Real Estate Investor: State governments desperate to feed municipal coffers are pushing more property tax appeals into litigation, and property owners are finding it difficult
NJ Tax Appeals: Do It On ... From Bankrate.com Home prices are falling everywhere, but homeowners hoping for lower property taxes may find themselves disappointed when the bill arrives. If you think your home’s
Paramus Homeowners To See... From Paramus Patch: Borough officials approve the 2013 budget which has zero increase in spending but will mean a $30 tax increase for the average homeowner…More at