HASBROUCK HEIGHTS, NJ - Rick Del Guercio of Appraisal Systems Inc., the property value assessor for Hasbrouck Heights, updated the Borough Council on the results of the 2017 property value reassessment at Tuesday’s Council meeting.
According to Del Guercio, 98 percent of the Hasbrouck Heights taxpayers will see a $10 decrease in their property taxes this year, based off the newest assessments and the 2017 budget. Del Guercio stated that letters would be going out shortly to homeowners, listing the 2017 appraisal value of their property, and the the 2018 appraisal value. Their 2018 estimated taxes, calculated the 2017 budget, will also be listed. These taxes however, are just an estimate, and could change depending on the 2018 budget.
According to Del Guercio, who also does appraisals for several other towns in lower Bergen County, the housing market is picking up, leading to an increase in the average home appraisal in Hasbrouck Heights, A year ago, the average appraisal value was approximately $377,000. In 2018, that increased to 386,000, an increase of 2.3 percent.
Commercial real estate also saw a 2.3 percent increase in value.
Hasbrouck Heights is in the third year of five year continual reappraisal program. In 2015, properties were reappraised, some for the first time in 10 years, causing spikes in property owners 2016 tax bills. In 2016, as part of the continual reappraisal program, 25 percent of the houses had physical inspections, while the rest of the homes were put through an appraisal calculation based on prices of home sales, improvements on record, and other factors.
In 2017, tax appeals, and amounts refunded, were down significantly over 2016. By continually reappraising homes every year, “Now by doing it annually, you won’t have the spikes that occurred in the past, and you will have more stability in rates.” said Del Guercio. That leads to fewer appeals, and when appeals do occur, smaller adjustments, if any, to the appraised values.
That according to Borough Attorney Ralph Chandless, saves the borough money from lower attorney’s fees and refunds. “In my opinion, it more than makes up for the cost of the program.”