South Orange Property Tax Assessments
The results from South Orange's property reassessment are here. Residents have begun to receive letters with their newly assessed property values which will be used for determining the allocation of property taxes.
The thought of a reassessment strikes fear into many since people tend to assume that their taxes will go up as a result. Keep in mind that the tax rate determines the property tax amount. The property value determines each homeowner's portion of the taxes. Nonetheless, the reassessed values will cause some homeowners' taxes to rise and some to fall.
In general,the value of properties in the Upper Wyoming and Lower Wyoming neighborhoods decreased. The value of many homes in the Newstead, Tuxedo Park, VIllage Colonial and South Mountain neighborhoods increased. Pockets of West Montrose and Seton Village also saw a spike.
To see the general increase/ decrease in assessed values and how your home's value compares to your neighbor's, use the Property Assessment Map link
posted to my blog.