More about Morristown’s tax revaluation

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Last week we reported that Morristown officials were planning a July 27, 2022, public info session about the coming property revaluation. Here are more details.

From the town of Morristown:

County Tax Board mandates Town-wide Revaluation

The Morris County Tax Board, with pressure from our neighboring towns, has mandated that the Town of Morristown begin a town-wide revaluation process. Starting this week, the Town Council and Town administration will share vital information on what a revaluation is, how it works, who it impacts, and how to navigate it.

Morristown Town Council will host a public information session for residents and property owners on Wednesday, July 27, 2022. The meeting will take place in the Council Chambers of Town Hall at 7pm. Appraisal Systems Inc., who will be conducting the assessment, will be in attendance to discuss the revaluation and field questions.

We emphasize to all Morristown residents and business owners that a revaluation DOES NOT necessarily mean higher property taxes. Revaluations are not an opportunity for Morristown to collect more money to support town-wide services; rather, a revaluation is a home, commercial, or land assessment that guarantees property taxes are distributed fairly across the community.

This revaluation will ensure that all Morristown residents know their property’s full and fair value and pay their fair share of taxes.

What is a Revaluation?

If you own property in New Jersey, it’s the job of the local assessor to determine how much your property is worth. Here in Morristown, it’s being mandated by the Morris County Tax Board and will be managed by Appraisal Systems Inc. (ASI). For context, the last revaluation in Morristown was in 2004, over 18 years ago.

What does the Reval mean for my taxes?

To reiterate: Revaluations do not mean higher taxes. Even if your property has grown in value, Morristown will not receive any additional tax revenue from the revaluation. Morristown’s annual budget process — separate from the revaluation — determines how much our community needs in property taxes to provide services.

In fact, increased property values will cause the tax rate to go down in order to generate the same amount called for in the budget. Because your individual property value only increases in relation to Morristown’s new town-wide value, the town’s new valuation is what determines if you will pay more or less in taxes next year.

Say, for example, that Morristown’s total value increases by 30 percent from the 2004 revaluation. If your property assessment increase is only 28 percent, then you would actually see a two-percent tax decrease.

And, if your assessment increases by the same 30 percent as the town at large, then you will pay about the same in taxes as you’ve been paying. Only if your property value increases by more than the town’s total increase will you see an increase in your taxes.

Why should I let someone in my house?

Once the revaluation is underway, inspectors will travel door-to-door to assess each home, office, and property in Morristown.

We understand and empathize with the many Morristown residents who may feel uncomfortable letting the inspectors in to evaluate their homes. Therefore, we have taken several measures to ensure the safety of everyone including through background checks and COVID-19 protocols.

Virtual interior inspections are also a possibility for those who may feel uncomfortable letting in an inspector. If the ASI inspectors are unable to conduct an interior inspection of your home, the inspectors will make certain assumptions based on exterior conditions and neighborhood characteristics. This can lead to a higher assessment on your property.

In the coming days, Morristown will share more information with residents about the upcoming revaluation, including timelines, what to look out for and when, and helpful videos and graphics on our social media sites and website. All of these resources will be posted on our website at townofmorristown.org.

1 COMMENT

  1. Imagine living in an area in which assessment are done every two years. Taxes go up every two years. No one goes to your house though. How intrusive. I couldn’t imagine that.

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