Business & Finance

Millburn Township 2017 Property Tax Assessment Revaluation

SHORT HILLS, NJ - The Township of Millburn’s 2017 Property Tax Assessment Revaluation carried out by Appraisal Systems, Inc. (ASI) is complete, and Notice of Assessment postcards were sent to all property owners by the Millburn tax assessor on March 31, 2017. 
 
Previously ASI sent out letters to all property owners outlining what ASI deemed the "Fair Market Value of Your Property" and the tax implications for 2017.  ASI also cautioned residents from calculating projected 2017 taxes using the Township of Millburn's 2016 tax rate. Due to the revaluation, the tax rate will fluctuate from the rate used based on the 2016 budget. The 2017 budget is not finalized, and ASI encourages residents to use their "Tax Impact Worksheet," but warns the final tax may be different than the resulting calculations. This tool is meant to give an indication of the revaluation impact on your property.
 
As with any large-scale project, the potential for incorrect assessments exists. Property owners can appeal by filing a property tax appeal to the Essex County Board of Taxation. Incorrect assessments can occur when the reassessment company has incomplete or inaccurate information on a property or comparable properties. Assessments over $1,000,000 can elect to file a direct appeal to the Tax Court of New Jersey instead of filing an appeal with the Essex County Board of Taxation. The deadline to file an appeal has been extended to May 15, 2017.
  
Property owners that did not receive their postcard or property owners looking for additional information can check ASI's website www.asinj.com or the Millburn Township website 'Revaluation' page at http://twp.millburn.nj.us/325/2016-Revaluation

Jason S. Lustbader is Counsel in the law firm of Budd Larner, PC, and practices in its Real Estate Tax Appeal Group. Additional information from the author can be found at: http://www.buddlarner.com/professionals/jason-s-lustbader

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