Page 4 THE VILLADOM TIMES I • July 21, 2010 Franklin Lakes Council considers reassessment for borough properties by Frank J. McMahon This week, the Franklin Lakes Borough Council is expected to vote on a plan to conduct a borough wide reassessment of property values in order to bring them more in line with their real market values and thereby reduce the number of tax appeals being filed by residents who feel their properties are over assessed in the current housing market. Councilman William Smith predicted that the difference between the assessed values of borough properties and their market values would continue to increase, which could lead to more tax appeals. He said a reassessment could be carried out without re-inspections of borough homes by instead using recent sales data and information from the borough’s last revaluation that was completed for the 2007 tax year. That type of reassessment would cost the borough less money, Smith suggested, and he said if it would reduce the number of tax appeals being filed and the borough could make up that cost in a year. Councilman Frank Bivona agreed with Smith, saying it is a matter of fairness. Bivona explained that in a community where there is similarity in housing, but vast differences in assessed values, it makes sense to conduct a town-wide reassessment. Smith added that it would be fair if all properties were assessed at 100 percent valuation, but when the assessed values are not at that valuation more property owners file tax appeals and those who file tax appeals often get relief while those who do not are not getting that relief. Three appraisal companies have presented proposals to conduct the reassessment. Smith, who chairs the council’s Administration Committee, which includes tax office and tax appeal issues, urged the council to act quickly in choosing one of them because the reassessment would have to be completed by Nov. 1. Borough Tax Assessor Michael Leposky said the reassessment plan is a great idea because it will reduce the number of tax appeals next year and it is cost effective. He advised the council that the borough has received about 282 tax appeals from residential property owners this year, and 194 of them have been heard at the county level while 88 of them are waiting to be heard at the state court level. Bivona said he felt the reassessment plan was worth the effort even if the borough breaks even on it because of the fairness it would bring to the borough’s property valuations. Two tax appeal settlements were recently announced by the council. One had the total assessed value of a property on Sleepy Hollow Lane reduced from $3,492,000 to $2,925,000 for the 2009 tax year. At the 2009 borough tax rate of 19.2 cents, the update will save that property owner $1,090 for that tax year. Another settlement saw McBRIDE ��������������������� AG E N C Y • R E A LT O R S ������������������������ ��������������� ������������������ ������������������ �������������������� ������������������������ ������������������� ���������������������� �������������������� ���������������������� �������������������� ��������������������� ��������������� McBride Agent ����������������������� �������������������� 834 Franklin Lake Rd. Franklin Lakes, NJ ������������������������������������������� ����������������������������������������� ������������������������������ www.mcbrideagency.com The Bergen Youth Orchestra, the oldest youth orchestral organization in northern New Jersey, recently awarded Jacob Kallman of Franklin Lakes a scholarship generously funded and created by Seiji Shiraishi of Fort Lee. The scholarship reimburses Jacob his full tuition for the 2009-2010 season with the Bergen Youth Orchestra. Jacob is a senior at Bergen County Academies and plays the trumpet in the Bergen Youth Orchestra. In the fall, he plans to attend The University of Wisconsin. Pictured are Jacob Kallman and Seiji Shiraishi, board member, Bergen Youth Orchestras. Scholarship awarded the assessed value of a home on Butternut Drive reduced from $2,818,700 for the 2008 and 2009 tax years to $2,500,000 for both of those years, and to $2,300,000 for the 2010 tax year. Those reductions will save that property owner $612 in each of the 2008 and 2009 tax years, and $996 in the 2010 tax year. The last revaluation of the borough was ordered by the Bergen County Board of Taxation in 2004 to become effective in calendar year 2006. The inspections for the revaluation began in the spring of 2005 for the 2006 tax year, but a one-year delay was granted by the Bergen County Board of Taxation at the end of 2005 and the deadline for completing the revaluation was extended to the 2007 tax year. The one-year delay in the completion of the property tax revaluation was expected to benefit the borough’s taxpayers because of the reduction of real estate values that began in October 2005 when residential real estate values peaked, according to Appraisal Systems, Inc., the company the borough hired to conduct that revaluation. ���������������������������� KEANE FIT & WELLNESS ��������� HARDING WINE&SPIRIT Sheila Keane ������������������������������������ �������������������������������������������� ������������������������ ��������������������� ���������������������������������������������� • EDUCATED - MA in exercise science • CERTIFIED - ACSM, NASM, Post Rehab Specialist, MAT Specialist • EXPERIENCED - 15 years one-to-one personal training WORTH THE TRIP! HUGE WINE SELECTION Beer • Super Premium Spirits Party Planning • Gift Baskets Free Parking • Ice • Soda Wow! 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