Nobody likes home inspections, right?
But in coming months, Morristown homeowners should not dodge inspectors from Appraisal Systems Inc., a company official told a handful of residents at town hall on Wednesday.
If appraisers cannot gain entrance to homes during Morristown’s town-wide property revaluation, they’ll have to make estimates of home values. And such assessments tend to be high–which could lead to higher tax bills.
“We’re obligated to estimate property at its highest reasonable potential,” said Robert Brescia, executive vice president of Appraisal Systems Inc. in Whippany.
The Morris County Board of Taxation has ordered Morristown to perform an overdue revaluation. Generally, these occur every 10 years; Morristown has not had a revaluation since 2004.
Home appraisals may run from late September into December, Brescia said.
The town council authorized a $500,000 contract with the company earlier this month. The expense may be spread over five years to minimize the financial hit, town Administrator Jillian Barrick told the governing body.
About 20 people attended Wednesday’s information session. That number included Barrick; Mayor Tim Dougherty; Council members Robert Iannaccone, Sandi Mayer, Tawanna Cotten and Nathan Umbriac; town Tax Assessor Kevin Esposito, and reporters.
At a council meeting on July 12, Barrick stated the public briefing would “be in-person and recorded, and then we will post it online.”
That posting didn’t happen.
“Unfortunately we were not able to record last night’s meeting,” Barrick told Morristown Green on Thursday.
Virtual- and in-person follow-up sessions will happen in September, she said. In the meantime, Barrick referred residents to Brescia’s Powerpoint slides, on the town website.
Revaluations don’t increase municipal budgets, Brescia asserted. Rather, they attempt to ensure the tax burden is shared fairly.
He gave several examples suggesting how increased home values might not mean higher tax bills for owners.
These scenarios assume the amount of money needed to run the town remains stable. If most home values go up, the tax rate goes down, Brescia said.
The town must raise the same amount of money as before — but now it’s divided among a larger tax base. When the new, lower rate is applied to your higher-valued home, your tax bill may be about the same, according to Brescia.
Factors affecting a home’s appraised value include style, condition and location, he said. Views of New York or lakes could boost value; proximity to power lines, train tracks or busy streets could diminish it.
Appraisers will count square footage, bedrooms, bathrooms and fireplaces. Do you have central air conditioning? Finished basements and attics?
“We are looking for extremes that are typical of the year built,” Brescia said.
Homes will be compared to homes, and home sale prices, within their neighborhoods, he said. As the process moves forward, Appraisal Systems will post an online calculator.
“It will tell you if you are in line for a tax increase, decrease, or staying neutral,” Brescia said.
Pledging transparency, Brescia said the appraisals also will be shared online. Homeowners will have an opportunity to discuss these numbers with the company, he said, and appeals can be filed with the county tax board up until May 1, 2023.
“Nothing’s ever set in stone,” Brescia said.
Appraisers will make several attempts to schedule home inspections, he said. COVID-19 protocols will be observed, and virtual inspections can be arranged.
Appraisers will carry identification badges.
“Under no circumstances should you let anyone into your home without I.D.,” Brescia said, advising anyone with doubts about an inspector to call police immediately.
