[ back ]
Borough to conduct tax revaluation
(by Karen F. Mrnarevic - February 07, 2008)
The County Department of Taxation has ordered the borough to conduct a revaluation of properties. Right now, the borough’s equalized values are 73 percent of fair market value. The cutoff set by the county is 85 percent.
The borough’s last revaluation was completed in 2002, at a cost of approximately $150,000. Barbara Potash, the borough’s tax assessor has estimated that the cost of this year’s revaluation will be about $200,000.
According to Borough Administrator Ed Sandve, it is difficult to say how the revaluation will effect borough residents. In theory, he said, it can be expected that “one-third of properties will see increase in assessed value, one-third will see a decrease, and one-third would see no change.”
Given the lack of general public understanding of the impact that the revaluation will have on property values, said Sandve, “The borough will be keeping the residents informed of the process from the start to the finish.”
[ back ]
