Homeowners will receive letters notifying them their new assessments in January and February, according to Realty Appraisal Company.
WESTFIELD, NJ — The average home is assessed at $180,913, the sixth highest of Union County’s 21 towns, state data shows.
That is about to change as the town undergoes a revaluation of its 9,200 taxable properties, the first full readjustment of assessed home values for Westfield in 35 years, Neil Rubenstein, a partner with Realty Appraisal Company, said this week.
Inspectors for his firm have 2,000 Westfield homes remaining to inspect and have asked the Union County Board of Taxation, which ordered the revaluation, to allow an extra two months to finish the inspections.
“We want to do it right, and we want it to last maybe 20 years this time,” Rubenstein told the Town Council. “But we don’t want to rush anything.”
After more than three decades without a revaluation in Westfield, he said, value changes will occur.
“After 35 years, things can get pretty out of whack, and you do get potentially wild changes,” Rubenstein said.
Homeowners will receive letters notifying them their new assessments in January and February, he said, at which time representatives for Realty Appraisal Company will be made available to meet with homeowners to make possible adjustments to the new values.
“The county appeal process would be the second step for any taxpayer, who is aggrieved by their assessment,” Rubenstein said.
Homeowners who will see the largest increases, Rubenstein said, are those who have had successful tax appeals in recent years.
Overall, the likelihood is home values will increase, allowing the municipality to compensate with a lower tax rate, Town Administrator Jim Gildea said.
In 2017, the owner of a home assessed at Westfield's average value paid $16,727 in annual property taxes, according to state’s Division of Taxation.
“Right now we have a very low [average] assessment and a very high tax rate,” Gildea said. “What this assessment will do is swap them.”
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