Ho-Ho-Kus December 22, 2010 THE VILLADOM TIMES III • Page 9 Home inspections complete; assessor reviewing figures by Jennifer Crusco Ho-Ho-Kus Tax Assessor Marie Merolla recently told Villadom TIMES that the borough’s reassessment project is proceeding apace. The residential inspections are now complete, and representatives from Appraisal Systems, Inc. of Glen Rock are now working to finish the commercial properties to meet the year-end target. Merolla said she is reviewing the preliminary numbers for any anomalies. In 2011, borough property owners will receive letters announcing their new property values. They will then have the opportunity to have an informal hearing with Appraisal Systems. The assessor noted that the borough’s tax rate will be adjusted to reflect the new property values. The new values will be used for the 2011 tax year. Revaluations and reassessments ensure that taxes are uniform throughout the borough, and help keep assessed values in line with market values. When making a determination as to whether a municipal revaluation is required, the New Jersey Division of Taxation evaluates time, ratio, and coefficient. Time refers to whether a municipality has had a revaluation or a reassessment within the last 10 years. Ratio is the difference between the sale price of a home and its market value. In most cases, the state is concerned with ratios of less than 85 percent, which indicate the housing market is too far ahead of the true value of a property. In recent years, the question has been whether the assessed value is too high. Coefficient is the difference between the average ratio and an individual ratio. The state looks for deviation of over 12 percent, at which time a revaluation may be ordered. Although the state did not order a revaluation or reassessment for the borough this year, the overall decline in real estate prices over the last five-year period led borough officials to consider a reassessment to stem the potential for tax appeals. The council also wanted borough taxpayers to have a fair and equitable reassessment of present market values. The borough’s last revaluation was conducted in 2005, when housing prices had peaked. Five years ago, as Appraisal Systems was conducting its home inspections, buyers were in the midst of bidding wars, and many houses throughout the country were selling for more than the asking price. By the end of 2005, the market had stabilized. Since that time, real estate prices have decreased. The reassessment process is less extensive, and less expensive, than a full revaluation. Merolla noted that the 2005 revaluation left the borough with accurate records. In the current process, inspectors have made the effort to look over each property to check for any updates. “We’re trying to come to market value and take the economic conditions into account,” Merolla said. Prior to the 2005 revaluation, the borough had undergone a reassessment in the mid-1990s. After making the move to conduct a new reassessment, the Ho-Ho-Kus Council appropriated $60,000 and hired Appraisal Systems, Inc. for the job. The contract calls for a base price of $45,000. Ho-Ho-Kus will also pay the company for holding meetings with taxpayers at a rate of $60 per hour, performing Bergen County Board of Taxation work on the borough’s behalf at $75 per hour, and working with the New Jersey State Tax Court work at $100 per hour. The Ho-Ho-Kus Council recently approved three ordinances that increase parking fees and licensing fees for dogs and cats. Ordinance #974 amended Chapter 79 of the borough code pertaining to vehicles and traffic. The update allows the borough clerk to charge $200 for resident or overnight resident parking permits and the same price for local business permits. “No fee shall be required for permits issued to borough employees for parking during the regular course of business in Municipal Lot B,” the ordinance states. Ho-Ho-Kus Borough Clerk Laura Borchers reported that the fees for parking permits had been $175. Council approves fee hikes for pet licenses, parking Ordinance #973 amended the code regarding dogs, raising current annual licensing fees to $15, plus $1.20 for a registration tag, for altered animals. Licenses for nonaltered animals will now be $18. Renewals are to be made at the same rate as the original license and tag. Licenses, registration tags, and renewals expire on Jan. 31 each year. Those who to not obtain license and registration tags before Feb. 28 will be subject to an additional $10 delinquent fee. License fees will not prorated for any portion of the licensing year. The ordinance lists the fee for licenses for “potentially dangerous dogs” at $700. The cat licensing measure, Ordinance #975, provides for a fee of $18 for each non-altered cat and $15 for each altered cat. Owners of multiple cats will be charged reduced fees after the first two felines have been licensed at full price. After the first two cats, licensing charges will be $5 for each non-altered feline and $4 for each altered cat. Cat owners who fail to license their animals prior to Feb. 28 will be subject to a $10 delinquent fee. Dog and cat license fees had been $8 per altered animal, and $11 per non-altered animal. The late had been $5. The fees for dogs and cats were handled in separate ordinances because the regulations for these animals are outlined in different sections of the borough code. J. 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