Revaluation

The Process · Current Revaluations · Previous Revaluations

Wharton

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 1688 residential properties. This represents approximately 100% of all the residential properties in the municipality.

As of this date we have inspected 103 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.

Final values have been established and summary reports have been created to assist in the review process of commercial and industrial properties.

All taxpayer hearings have been concluded and a final review of all values has been completed in cooperation with the assessor. A written notice stating the outcome of the review process will be mailed to all taxpayers who attended an informal hearing. This will be done shortly.