Ho-Ho-Kus November 3, 2010 THE VILLADOM TIMES III • Page 3 Resident questions potential effects of reassessment by Jennifer Crusco The current reassessment of residential and commercial properties in the Borough of Ho-Ho-Kus has left resident Stanley Kober with questions, which he brought to last week’s council session. “If there is a fixed budget, and home values are adjusted downward as a result of the current reassessment, where will the money come from?” Kober asked. Councilman Doug Troast said everyone’s properties will probably decrease in value by a similar amount. He added that there had been many appeals, as homeowners took advantage of the recent drop in property values. “That’s not fair to those who don’t appeal,” the councilman said. Mayor Thomas Randall said the goal of the current reassessment was to stem the tide of tax appeals. “We all lose because we spend money on legal costs and appraisers (to handle appeals),” Randall said. “We’re not alone in doing this,” the mayor added, referring to the fact that several other municipalities have also undertaken reassessments with the aim of curbing the number of appeals. Kober asked about the potential for tax increases following the assessment. Councilman Gordon Hamm said the change in property values would be accompanied by a change in the tax rate. “The pie is the same size,” he added. Troast explained that most people will not experience a change in the amount of taxes they pay. “You’ll get a new rate, so taxes should stay the same.” Councilman Lee Flemming commented that taxes are going up by seven percent every year. Mayor Randall added that, if the value of a house declines and the amount of money to be raised by taxation stays the same, the numbers should even out. Representatives from Appraisal Systems, Inc. of Glen Rock are conducting the home and business inspections. HoHo-Kus Tax Assessor Marie Merolla recently reported that the process has been running smoothly, and she anticipates the project will be finished by the end of the year. Data from the inspections and real estate sales from the last three years will be taken into consideration as new assessments are calculated, Merolla indicated. New values will be used for the 2011 tax year. The Ho-Ho-Kus Council recently approved an appropriation of $60,000 and hired Appraisal Systems, Inc. to carry out the reassessment. The borough’s base contract with Appraisal Systems is $45,000. Ho-Ho-Kus will also pay the company for holding informal 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. According to the council’s resolution to hire Appraisal Systems, the aim was to allow the borough’s taxpayers to have a fair and equitable reassessment of present market values. The borough’s last revaluation, which is more extensive than a reassessment, took place at the height of the real estate market in 2005. The drop in values since that time led the borough to consider a reassessment and the potential implications of tax appeals. Classic Design, Installation & Removal Serving Northern NJ for over 30 years LANDSCAPE DESIGN AND CONSTRUCTION, INC. • PROPERTY MANAGEMENT GROUP IT’S TIME TO WINTERIZE • Protect your sprinkler system from freezing • Avoid Costly Damage • Prompt, Reliable Service • Experienced, licensed professionals POWER WASH SEAL OF BERGEN COUNTY Bergen & Rockland Holiday Light Installer Insured 201-218-1644 www.pwsofbc.com All Credit Cards Property Management Group: Residential Maintenance • Lighting • Irrigation • Garden Care Commercial Maintenance and Snow Removal Call Today For Your Winterization Appointment and Special Offers ESIGN CENTER AND GARDENS 413 Godwin Avenue, Midland 11 Barnstable Court, Saddle River Park 201.891.1199 201.825.4440 www.jacobsenlandscape.com For: Someone Special An Unforgettable Lit Garland Around their Front Door Delivered & Installed D L A N D S C A P E G A L L E RY