Villadom Times Weekly Newpaper Online-January 12, 2011 Issue

Page 4 THE VILLADOM TIMES I • January 12, 2011 Franklin Lakes Appraisal ﬁrm completes reassessment of properties by Frank J. McMahon As the holiday celebrations subsided, Franklin Lakes residents began evaluating their potential tax bills for 2011 based on the reassessment of all properties in the borough. The reassessment was recently completed by Appraisal Systems, Inc. In December, each property owner received a notification letter that contained their new 2011 assessment. The appraisal company is now holding informal meetings at borough hall so individual property owners who schedule an appointment can have the new assessments explained by a representative from Appraisal Systems. Property owners may also present any relevant information regarding the new 2011 assessed value at those meetings. To schedule a meeting, call Appraisal Systems at (201) 493-8530 or contact the borough tax assessor at (201) 891-0048, extension 1222 for more information. Comprehensive information about the reassessment is available on the Appraisal Systems website at www. asinj.com, which can also be accessed through the tax assessor’s webpage on www.franklinlakes.org under “Departments.” Select the section on frequently asked questions about the reassessment. The new assessments are generally lower for residential properties, according to Franklin Lakes Borough Administrator Gregory Hart, but he emphasized that a reduced assessment does not necessarily mean a reduction in property taxes because, with a reduction in assessments there will be a corresponding increase in the tax rate so the borough can still raise the same amount of money in total property taxes. “Therefore, the actual property taxes to be paid may increase or decrease for an individual property,” Hart explained. Hart also pointed out that any increase or decrease a resident’s 2011 property taxes will not be realized until the second half of 2011, when the 2011 tax bills are sent out, and there will be no adjustment in the 2010 tax bills or the first half 2011 tax bills. According to Hart, the primary benefit of the borough-wide reassessment will be that current assess- Helpful Hints Helpful Hints from ome “Know where your main water shut-off valve is located. If a pipe freezes or bursts, shut the water off immediately.” 27 Franklin Tpk, Waldwick Open Sundays 9-3 201-652-5666 Billy Says... ments will reflect current market values and property taxes will be equitably apportioned among all taxpayers. As a result, the potential loss of taxes due to tax appeals will be mitigated, he said. “Without a reassessment, property owners who filed tax appeals would have a greater possibility of seeing a successful reduction of their assessments,” Hart said. “This reduction would cause a budgetary loss that would have to be collected the following year in an increase of the tax rate, plus the borough and its taxpayers would bear the costs of emergency bonding, surplus funding, and court costs for the tax appeal hearings.” According to an analysis of the tax impact of the reassessment on property taxes issued by Appraisal Systems, there will be 3,452 residential properties in the borough in 2011 with a total assessed value of $3,568,731,300, a drop of $8,516,579 or 19.3 percent. The borough’s current tax rate is $1.246 and the anticipated tax rate based on the 2010 budgetary needs of the borough as a result of this reassessment would be $1.505. The borough’s actual tax rate for 2011 will not be set by Bergen County until the third quarter of 2011 when the school, county, and borough budgets have been adopted. Property owners can estimate their property tax obligation in any given year by multiplying their assessed value in hundreds of dollars by the borough’s tax rate for that year. �� & FLOORING �� KEANE FIT & WELLNESS �� Just a Click Away! Sheila Keane www.villadom.com Thousands r of Readers Ove se and Above Tho r u Who Receive O Paper in the Mail! Visit Our Website: �� • EDUCATED - MA in exercise science • CERTIFIED - ACSM, NASM, Post Rehab Specialist, MAT Specialist • EXPERIENCED - 15 years one-to-one personal training Direct Links to Advertisers’ Websites! 201-341-0183 • CALL NOW Fitness, Weight Loss, Bariatrics, Geriatrics & Parkinson’s Programs Read Our Other Editions Too! Current & Past!