MOUNTAINSIDE, NJ — A discussion as to whether or not to conduct a tax revaluation as a result of recent towns being mandated to perform revaluations by the New Jersey Division of Taxation was held at the town council meeting in Mountainside on Tuesday, Aug. 2.
A presentation was given by Tax Assessor Mike Frangella on the pros and cons of performing a tax revaluation. He will provide an analysis based on the council’s concerns. During the presentation, he expressed concerns that the borough might be at risk of being ordered to conduct a reassessment by the New Jersey Department of Taxation because it has almost been 30 years since the last one. He said that assessments in the borough are running at 28 percent of market value.
Earlier this year, the State Division of Taxation ordered Jersey City, Dunellen and Elizabeth to conduct tax reassessments, claiming they were in violation of the state constitution which requires fair and uniform assessments. The state announced that it was investigating the accuracy of the assessments used in dozens of other municipalities including Westfield, Scotch Plains and South River.
According to the Department of the Treasury website, the new assessments are necessary because over time the assessed value of a property may not keep up with market values. As a result, some property owners may be paying too much while others are paying too little.
The council requested additional information before making a decision. They asked Frangello to contact the Union County tax administrator and obtain additional details about possible options for financing. When contacted by LocalSource, Frangello said there were no additional details to report at this time.