Council takes steps to ready for revaluation

TINTON FALLS - The Borough Council took the first step toward revisiting property values townwide last week by approving a resolution to solicit proposals for a revaluation contract.

Also on the May 2 agenda was the public hearing on the budget, which drew many residents from the Willowbrook Farms development on Swimming River Road, one of the more upscale communities in the borough.

Built in 2002, the 110 homes in the development are assessed at closer to market value than older homes in the town. Most homes have not undergone a revaluation since 1990, said Steven Pfeffer, borough chief finance director.

The Willowbrook resident urged the Borough Council to expedite the process in order to create fairness, but Council President Therese Cahill said that the county decides when a revaluation is necessary.

"Someone said we're the last county in the state to be reassessed," she added.

Pfeffer explained that the county has ordered a revaluation and that will most likely occur in 2007.

He said the borough is going out for bid because there are not a lot of companies that specialize in revaluations and they are very busy, so it may take time to get on the schedule.

Borough Attorney James Berube Jr. said the Willowbrook homes may be closer to fair market value than other houses in town, but a revaluation is triggered by rising property value and deviation in the ratio of fair market value.

"It's an expensive venture," he said.

Pfeffer explained that the borough needs to collect $9.5 million in taxes, and after the revaluation it would still need to collect the same amount, so the people in newer homes, like the Willowbrook residents, would be the least impacted.

He noted that the formula that he has heard thrown around is that one-third of property owners would see a reduction in their municipal taxes, one-third would see an increase, and one-third would remain the same.

A Willowbrook Drive resident said, "Just because we live in a nice house doesn't mean we can afford every increase that comes down the pike."

Pfeffer said the impact of the revaluation wouldn't be felt until 2008 when the tax bills are sent out.