Revaluation

Ridgefield Park

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.

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 2,870 residential properties. This represents approximately 100% of all the residential properties in the municipality.

As of this date we have inspected 265 commercial and industrial properties. This represents approximately 100% of all the commercial and industrial properties in the municipality.

Final values have been established and summary reports have been created to assist in the review process of residential properties. The procedure at this time is to review all final values with the assessor and make any appropriate changes. At this time 100% of the residential properties have been made ready for taxpayer review.

Final values have been established and summary reports have been created to assist in the review process of commercial and industrial properties. The procedure at this time is to review all final values with the assessor and make any appropriate changes. At this time 100% of the commercial/industrial properties have been made ready for taxpayer review.