RANDOLPH, NJ- As many Randolph residents are aware the town will be undergoing a revaluation process with a contracted corporation, Appraisal Systems, Inc. The town will re-evaluate all taxable properties for the 2017 tax year in order to establish proper and orderly appraisals.
Property owners should have already received a letter in the mail declaring the start of the project. Representatives from Appraisal Systems conducted a presentation on the tax revaluation on Tuesday, June 23, that provided an overview on the process. Ernie Delguercio presented and reviewed all the important details.
The first step in the revaluation process is to inspect all the properties in Randolph. Appraisal Systems will visit each property, measure the exterior of all improvements, and conduct an interior inspection. Photos of the building's exterior will be taken, but not of the interior. To properly appraise properties, Appraisal Systems will examine the interior, which includes basement and walk up attic areas.
"We have to be very mindful of what type of property it is and what the trend line on that property is. Is that property going down in value or up in value, because that all factors in at later times," said Delguercio.
Inspections are expected to start in July 2015 and will end by September 2016.
If a property owner is not home when the Appraisal System representative first visits, the representative will measure the exterior improvements and leave a card with a return date and time for them to do the interior inspection.
New property values will be determined based on their estimated market value as of October 1, 2016. Once the properties are valued, owners will be notified by mail of their proposed new assessed values, and given an opportunity to schedule an informal meeting with a representative of the appraisal firm in order to review their new assessment. Reviews will be finalized by January 2017 and the new assessments will become effective for the 2017 tax year.
"Once all of this data is entered, we can make a number of queries and ask a significant number of questions about values of specific properties," said Delguercio.
Appraisal Systems will publish all the preliminary values and all the relevant sales used to determine value on their website: www.asinj.com.
"We will publish all of the values so that you can judge yourself whether we created a uniform tax space," said Delguercio.
All sales will be published on their website in a gallery type of setting grouped by neighborhood. A picture of the owner's house will be posted with details such as selling price and key contributors to value such as size, location, age, bathrooms, etc.
To review the presentation given Tuesday night, click here: