December 14, 2011 THE VILLADOM TIMES I • Page 7 Midland Park Midland Park taxpayers last week received the new appraisal of their property in the mail, following the recent town wide revaluation. Realty Appraisal Company, which performed the work, was hired by the borough in 2007 under a state-mandate to determine the fair market value of all properties as of Oct. 1, 2011. The previous revaluation went into effect in 2003. According to Neil Rubenstein of Realty Appraisal, total ratable property in town is now $1,062 billion, up from $862 million, a 23.3 percent increase. The ratio of residential to commercial values remained about the same, he said, with residences now comprising 81 percent of ratables, up from New property tax assessment is in the mail 80.7 percent. The new values and the adjusted tax rate will be used to calculate the tax bills sent out in August 2012, retroactive to Jan. 1, 2012. The average price per home is up to $392,600 from $300,000. Rubenstein said all properties had been visited and 90 percent had received interior inspections. He said others would be visited if requested. The location, size and condition of a home are taken into account, along with the recent useable sales in the area, in determining the appraise value, he said. The firm has scheduled a number of dates for informal hearings to give residents the opportunity to review their assessment if they so desire. At that time property owners may ask questions and even challenge the findings by pointing out special circumstances the assessor may not have considered. The individual hearings will be held at Midland Park town hall on Dec. 14, 15, 16, 17, 19, 20 and 21 from 9:30 a.m. to 6 p.m. Monday to Friday and 9:30 a.m. to 1 p.m. on Saturday by appointment only. Call 201-867-3870. To calculate how their taxes will be affected by the new assessment, residents may do the following: Take their current assessment (it’s on their tax bill or on a card recently received in the mail), multiply it by 3.136 and divide by 100 (the result should equal the taxes paid for 2011). Now take the new appraisal figure received in the mail, multiply by 2.544 and divide by 100. Compare the two numbers; if this second figure is lower, the taxes are decreasing; if higher, the taxes are going up. Borough Tax Assessor Marie Merolla stressed that the figure thus derived does not reflect any increases in taxes that may result after the school, local and county budgets are adopted and a new tax rate struck for 2012. Property owners not satisfied with the final figure have until May 1, 2012 to file a formal appeal with the Bergen County Tax Board. Winter coats, jackets, hats, gloves, blankets and other winter clothing are being collected to be delivered to the Jericho Road Shelter in Paterson. Anyone wishing Winter coat drive is on to donate a used or new item may drop it off at Midland Park town hall or Memorial Library. Last year over 100 coats were delivered to a Hackensack shelter.