Tax Revaluation Could Shift Property Tax Burden In Morristown

MORRISTOWN, NJ — The Town of Morristown is in the process of implementing a town-wide reassessment for the tax year 2024, which is the town's first property revaluation in nearly 20 years.

The Morris County Tax Board ordered the revaluation in 2022, and it was anticipated to be finished by the end of 2022. However, delays in inspections made it nearly impossible to meet that deadline.

After hearing from the township and Appraisal Systems, the company performing the inspections, the director of the Division of Taxation approved an extension on Jan. 5, according to Morristown Tax Assessor Kevin Esposito.

During the town council meeting on Aug. 8, the council unanimously approved a resolution authorizing Appraisal Systems, Inc. to send letters informing Morristown property owners of their new assessed values.

Property owners will begin receiving this letter this week, according to town authorities.

According to ASI's letter, "for comparative purposes, a tax rate of $1,426 (per $100 of assessed value) has been estimated for 2024 to give property owners a sense of how their property taxes may increase or decrease based on the new 2024 proposed property assessments."

The projected tax rate excludes any anticipated budget increases in 2024.

Additional information, such as the estimated tax rate, estimated tax impact calculator, 2022 and 2023 sales information, all assessments and neighborhood map, can be found at www.asinj.com.

According to town officials, the revaluation process does not imply that all residents and business owners will face higher property taxes; rather, the new tax rates are based on townwide averages.

Residents who have seen their property values rise faster than the town average can expect higher tax rates, while those who have seen their values rise more slowly can expect lower tax rates.

Residents whose properties have increased in line with the town average should not expect a tax increase.

This is the first revaluation in the 20,000-person community since 2004, and it comes after years of major redevelopment projects throughout the town.

Neighboring municipalities pushed for the revaluation, claiming the town was not paying its fair share of regional taxes.

"We've had a very short supply of houses in Morristown for a long time. Things are, I'm not going to say changing, but I do see homes when they come to market, in some cases, they're not selling immediately where they were a year ago at this time... My goal as the assessor is to get the numbers as closely and accurately reflective of the market. So if the market is trending downward this year, we're going to be able to have that benefit for our residents," Esposito previously told Patch.

Property owners can consult with an Appraisal Systems Inc. representative about the new proposed 2024 assessed values. Morristown residents can request a meeting by calling 201-493-8530 between 9:30 a.m. and 4 p.m., Monday through Friday.

Property owners in Morristown can also request a meeting online at www.asinj.com/scheduling.htm. (Your unique login and password can be found in your letter.)

Meetings will be held until Nov. 10, 2023.