Commissioner Offers Guidance; Advice on Understanding Assessments
Many Township of Nutley residents received correspondence containing preliminary figures from the Township-wide property revaluation this week. The letters were sent by Appraisal Systems, Inc., the firm contracted by the Township to determine the values of all Nutley properties as of October 1, 2022, as mandated by the State of New Jersey.
“At first glance, there is certainly going to be sticker shock over the assessments,” says Commissioner Thomas J. Evans, Director, Department of Revenue and Finance. “While this is understandable, it’s not the reality.”
A common mistake among residents is applying the 2022 tax rate to their new assessment. “To estimate their new property tax,” Evans states, “residents can use the tentative tax rate of 2.506 percent, which is much lower than the 2022 tax rate of 3.864 percent. Simply divide your new assessment by 100, then multiply it times 2.506. That equation will give you your preliminary new property tax before any budgetary adjustments for 2023.”
Commissioner Evans stresses that these numbers are preliminary and that they can change once the new Township budgetary process is completed. He also suggests some tips for concerned homeowners:
If you are part of the NJ State Freeze Program, be sure to file on time to protect your base year. An increase in tax from your new assessment will be refunded by the State as long as you file on time.
“We are here to help residents understand the process. I encourage those with questions to contact Edmund Brown, the Township’s Tax Assessor, at email@example.com,” Evans says.
For more information about the revaluation process, visit ASI’s website at www.asinj.com.