2025 REVALUATION BULLETIN:
11/13/2024
As we approach the end of the year, we are already looking forward to the 2025 Tax Appeal Season. To help plan for the future ahead, we have developed this notice to inform taxpayers across the State of any upcoming Revaluations & Reassessments that may be happening in their area. This is a working list developed as of the date of this bulletin derived from various sources, including the various County Tax Boards, as well as the appraisals firms contracted to conduct these Revaluations & Reassessments across the State. Periodically, Municipalities may be added or removed depending on the progress of the reval/reassessment programs in each respective Municipality. As time goes on, we will continue to refresh and revise this list for any changes or updates. Two Municipalities that we would like to bring special attention towards are West Orange and Irvington, where there is a sizable commercial and industrial property base. Taxpayers in these locations should pay close attention to any mail from their local Tax Assessor regarding potential increases to their assessments in 2025. Municipalities slated for a Revaluation or Reassessment have a May 1, 2025 tax appeal filing deadline.
What is a Revaluation/Reassessment?
It is the process of maintaining the assessed value of properties within the City at 100% of fair market value.
Who will be conducting the Revaluation/reassessment?
Please be on the lookout for communications from either Appraisal Services, Inc., (“ASI”), Professional Property Appraisers, (“PPA”), and/or Associated Appraisal Group, Inc., (“AAG”).
ASI maintains an informative website which they update periodically to inform the public as to the current status and progress of the revaluation, here. Likewise, PPA’s updated list can be found here. AAG’s list is available here.
How will I know if MY PROPERTY ASSESSMENT IS IMPACTED?
Once inspections and preliminary evaluations are completed, property owners will be notified via mail with projected 2025 assessments, which should include, among other things, a projected 2025 tax rate. These preliminary assessments are not expected until after the first of the year 2025.
What should I do during THIS PROCESS?
Taxpayers with commercial, industrial, or multi-unit residential properties can expect to receive a formal Request for Income and Expense Information, “Chapter 91.” Taxpayers of all property class should also expect inspection requests from the appraisal firm and/or Assessor’s Office.
How will I receive the Chapter 91 request and How do I fully Comply?
Your Municipality will mail a formal Chapter 91 request to the taxpayer's address information connected to the assessed property.
To fully comply with the Chapter 91 request, you must sign and return the Chapter 91 form, including income and expense information for the preceding year. You must return all the required information within 45 days of receipt. Otherwise, the Municipality may dismiss your case for failure to comply with Chapter 91.
While it will still be several months before you have enough information, (i.e. new 2025 assessment, projected tax rate, etc.), to seriously consider a 2025 tax appeal and any potential tax impact of the impending Revaluations & Reassessments, it is imperative that all taxpayers heed all communications from their Municipality or its representatives regarding property valuation. Periodically the appraisal companies will arrange public informational sessions open to the general public, we encourage all to attend when offered. It is also imperative that all taxpayers respond appropriately to all requests for inspection and income and expense information.
We are available to assist any taxpayer with questions.
Joseph G. Ragno, Esq. (201) 330-7465
jragno@lawwmm.com
Robert J. Guanci, Esq. (201) 330-7463
rguanci@lawwmm.com
Jacob B. Kenter, Esq. (201) 319-5741
jkenter@lawwmm.com
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Secaucus, New Jersey 07096