This means that each property will inspected every 4-5 years. If you are not home a card will be left on the door with information to call for an appointment. A diligent attempt will be made to inspect the exterior and interior of each property. All building permits are also reviewed each year, unfortunately due to the volume of permits we do not send letters out. Letters will be sent to the affected areas of the Township which will include recent sales and different neighborhoods in the Township. True value represents the fair market value of the property or the price for which it would sell in an arms-length transaction between a willing buyer and willing seller.Īs per the requirements of the Director of the Division of Taxation, 20-25% of the Township will be inspected every year. 45:4-23 establish the standard to be the “full and fair value” or “true value”. The state Constitution requires real property to be assess at the “same standard of value”. New Jersey’s real property tax is an ad valorem tax or a tax “according to value”. Until the reassessment is complete and the tax rate is computed, it will be difficult to determine your property tax bill. The reassessment will change the aggregate value of the properties in the Township, however because the same amount of overall tax is to be collected, the tax rate will change. The amount of property taxes is based upon the operating budgets of the Municipal Government, School Districts, County Government and State Aid. The reassessment will not increase the total amount of revenue to be raised by taxation. The effect of the reassessment on your tax bill may vary and there are a number of reasons why it is impossible to predict the impact on any individual property owner’s tax bill. A reassessment when completed reflects 100% market value for all properties within the Township. The goal of a reassessment is to make sure that all properties are valued on the same standard of value. Appraisal Systems of Glen Rock, New Jersey will be assisting this office with the completion of the reassessment.Ī reassessment is a less evasive method of updating the values of all the properties in the Township to reflect current market trends. This process will continue for the coming tax years. This is a continuation of the process of reassessment that was started for the 2018 tax year. The Township of Rockaway has been approved by the Director of the division of Taxation, to complete a Municipal wide reassessment for the 2021 tax year.
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