2024 Revaluation

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Preliminary value letters have been mailed to all property owners and should be received during the week of December 4^th. The letter includes your total proposed assessed value to be used beginning in 2024, as well as your estimated 2024 total annual taxes calculated using the 2023 budget. Your actual 2024 total annual taxes will be determined after the school district, town, and county adopt their 2024 budgets, and you will be notified in the July, 2024 tax bill. You can discuss your proposed assessed value and review your property description with a representative of the revaluation firm, whose contact information is below.

Why is a revaluation being done?

These new assessments are a result of the revaluation of all properties in Maplewood, which was ordered by the Essex County Board of Taxation to ensure an equitable distribution of real estate taxes. The County Board of Taxation considers multiple factors to determine when a revaluation is necessary, including when property values in a municipality aren’t being assessed at the same rate as the market value and/or are being assessed substantially below or above market value. Definitions on these terms can be found below. Between 2022 and 2025, 9 of the 22 municipalities in Essex County will have performed county ordered revaluations.

Will my taxes increase?

Property revaluation does not automatically mean higher taxes. The property taxes you pay are a result of the school district, town, and county budgets as well as your property assessment. When a town undergoes a revaluation, the tax rate is adjusted so that, as a whole, the revaluation is revenue neutral, meaning it will not result in increased revenue for the school district, town, or county. Individual property taxes may increase, decrease, or stay the same.

When will my taxes be adjusted?

Any adjustments to your 2024 taxes will be made to the 2024 third and fourth quarter bills. You will be mailed a July, 2024 tax bill which will show your 2024 total annual taxes. As is done annually, your 2024 first and second quarter tax bill are each one-quarter of your 2023 total annual taxes, and your third and fourth quarter tax bills are calculated after the school district, town, and county budgets are adopted.

Who can answer my questions?

If you have any questions about the revaluation or would like to discuss your proposed assessed value and property details, you can call Professional Property Appraisers at 1-800-410-5815 between the hours of 9AM and 4PM, Monday through Friday. Property owners can schedule a teleconference or an in-person meeting. The in-person meetings will be held at the Maplewood Municipal Building during the following dates and times:

Wednesday December 13^th, 12PM to 8PM
Wednesday December 20^th, 12PM to 8PM
Friday December 22^nd, 9AM to 3PM
Friday December 29^th, 9AM to 3PM
Saturday January 6^th, 9AM to 2 PM

What if I receive property tax deductions?

The estimated annual taxes do not include any deductions you may be receiving, such as abatements, senior citizens, veterans, and/or disabled. These items will continue to show on your tax bill.

What happens next?
In February, 2024 you will receive an assessment card reflecting your final assessed value
In June or July, 2024 you will receive your July, 2024 tax bill

Preliminary value letter correction:

Please note the following error and correction to the preliminary value letter that you received, in the first sentence of the third paragraph. The error and correction are noted in underline below.

Error: The 2024 ESTIMATED ANNUAL TAXES were calculated utilizing the 2023 budget and does not include any budgetary adjustments in 2023 that are yet to be determined.
Correction: The 2024 ESTIMATED ANNUAL TAXES were calculated utilizing the 2023 budget and does not include any budgetary adjustments in 2024 that are yet to be determined.

Language Translations:

Definition of terms.

Revaluation:

An adjustment, update, or revision of all real property values within a municipality.

Assessment:
Value assigned to your property for the purpose of levying and collecting taxes. The assessed value may not always equal the market value, which may result in a revaluation.

Market Value:
Working definition: The highest price for which a property should sell.
Full definition: The highest price, as of a specific date, in cash, or its equivalent, for which a property should sell after reasonable exposure in a competitive market, with buyer and seller each acting prudently, knowledgeably & for self-interest, and assuming that neither party is under undue duress.

Comparable Sale:

A property that has a similar location and physical characteristics to the property being appraised and has sold within a reasonable time period prior to the appraisal date.

What is meant by a “Comparable Sale”?

When will the program begin and end?

When will my taxes be adjusted?

When will I be advised of the proposed assessment?

Will my assessment increase? What affect will the Revaluation have on my tax bill?

Individual values may increase or decrease depending on the market value at the time of the revaluation.

The Revaluation Process is revenue neutral. In other words, no additional taxes overall will be raised for the school, county, or municipality as a result of the completion of this process. The impact of the new assessments will not affect the property owner’s tax bill until the 2024 Tax Year

Maplewood, NJ

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2024 Revaluation