Revaluation

Fairfield

Letters introducing the Revaluation program, approved by the municipality have been sent. This mailing also included a two color, four-page brochure that explains the reasons for the program and the methodology to be employed.

Power point presentations on the revaluation program were given by Ernest F. Del Guercio, Rick Del Guercio, and Glen Sherman on March 14th, 2007 and April 11, 2007 at the Municipal Building. The program was carried on local access television.

Key personnel of Appraisal Systems, Inc., along with the tax assessor rode the entire town. As a result of this effort, preliminary homogenous neighborhoods were established.

The firm in cooperation with the assessor has established all criteria, essential variables, and cost parameters to be employed for use in the revaluation program.

A procedure has been implemented to identify record and analyze all the usable sales for the purpose of establishing preliminary values.

With respect to the income approach to value a statement of income and expenses as provided under N.J.S.A. 54:4-34 for income producing property has been requested in accordance with the controlling statutes.

All properties that have sold more than once in a particular sampling period have been identified, recorded and analyzed for purposes of establishing the trends in current market conditions as they apply to residential and commercial properties.

As of this date we have inspected 100% of the residential properties. Appointments can still be scheduled for properties that require an interior inspection.

As of this date we have inspected 100% of the commercial and industrial properties.

On May 1st, 2007 the Assessor and the Municipal Attorney appeared before the Essex County Board of Taxation along with representatives of Appraisal Systems, Inc. on behalf of the Mayor and Council. The purpose was to request a one year postponement of the implementation of the revaluation program. The request was necessitated by the serious flooding in a large portion of the municipality. The analysis and valuation of all neighborhoods affected by the severe storms and flooding could not be completed with the desired degree of accuracy. The Essex County Board of Taxation was in agreement and the request was granted.