Singer Calls for Hearing to Discuss Statewide Reassessment of Homes to Reflect Lower Property Values
In response to dramatic drops in the prices of New Jersey homes, Senator Robert Singer (R-30) is calling for hearings of the Senate Budget and Appropriations Committee to discuss the possibility of a statewide reassessment of home values to ensure that property taxpayers don’t pay more than they should. Singer noted that as home values have continued to slide, more and more people are successfully appealing their tax bills and having their assessed values reduced.
“Homeowners are looking at their property tax bills and realizing that the valuations upon which their property taxes are based are often much higher than the real market value of their homes,” said Singer. “Tax assessors across New Jersey have been swamped with requests from homeowners to reassess their properties and with disputed tax bills. With so many homes dropping in value, there is a possibility that the appeals system could be overwhelmed.”
Singer noted that even though the market value of homes have dropped statewide, most municipal tax assessors will only reassess a home if a request has been made by the homeowner. As a result, identical homes on the same street could be taxed differently if one homeowner chooses to request a reassessment and the other doesn’t.
“We risk having savvier homeowners shifting their tax bills onto neighbors who don’t know how to appeal their valuations,” said Singer. “A piecemeal approach to reassessing homes in a market that has universally dropped will only result in unfairly high tax bills for many homeowners. We need to look at a uniform statewide reassessment of home values to ensure that the nation’s most expensive property tax bills don’t rise even higher.”
A December 2008 report by the Tax Foundation showed that seven New Jersey counties ranked in the top ten nationwide for the highest property taxes.
“Governor Corzine has announced his intention to cut school and municipal aid this year, which will surely result in higher property tax bills and a flood of appeals from homeowners for reassessment,” added Singer. “The Senate Budget and Appropriations Committee should invite representatives from the Treasury Department to discuss the feasibility of a statewide reassessment of property values to prevent the property tax mayhem that is about to occur.”
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September 24, 2009
