Tax Revaluation Results Almost Finalized In Morristown

MORRISTOWN, NJ — Delays in the process have pushed back the estimated completion date for the town's first property revaluation in nearly 20 years, but the wait is almost over.

Morristown tax assessor Kevin Esposito stated that residents will learn the results of the town's property revaluation within the next month.

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

Esposito explained that the resolution was necessary because the state typically does not send out revaluation letters until mid-November, but the town wants them out as soon as possible.

When the Morris County Tax Board ordered the revaluation, it was anticipated to be finished by the end of 2022. However, delays in inspections made it nearly impossible to meet that deadline, forcing the director of the Division of Taxation to approve an extension.

All inspections, according to Esposito, have now been completed, and the process of sending letters can now begin. The goal is to have all letters out by the end of September, giving residents plenty of time to process the information and, if necessary, schedule hearings with the revaluation firm.

Despite the fact that ASI has completed all home inspections, Esposito stated that it is too early to provide specific numbers because appraisers are still analyzing data, but that in revaluations, one-third of the properties increase in value, one-third decrease, and one-third remain the same.

"It's a little too premature; we're still working on the data, but that's generally the rule of thumb," Esposito said.

Morristown Mayor Tim Dougherty asked that the public notice emphasize that the new assessed values will not include the new tax rate, which will be determined during the budget season next spring. "I don't want residents to freak out because their property value is going to go up. I don't want residents to be confused because the tax rate won't be set yet."

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.

Morristown's real estate market has changed dramatically since the last revaluation in 2004. As a result, the Morris County Board of Taxation and the New Jersey Division of Taxation mandated that another determine which homeowners will be paying higher property taxes to the state and county because the value of their homes has increased.

Esposito added that even though the letters will be going out shortly, the impact of the revaluation will not be felt until the final tax bill of 2024.