New Milford Reassessment program
I had a question on my taxes, called the N. M. tax office and along the way found out that the reassessment is currently going on. The inspector/appraisers will NOT come to your house on an appointment basis. If you are not home, they will simply go by what is on file now. What you can do is, check their schedule and see when they are in your neighborhood. and BE THERE when they come by. They will come into your house while they are doing your neighborhood should you request them to.
The website to look into their schedule is:
WWW.ASINJ.com
Revaluation page will pop up. red box on right - click.
Center of page, Current Revaluations - click
Boro of New Milford - click
Botom of page - Field Inspector Locations - click
Picturesof their personnel and locations will come up. If you don't see your location, it's because they haven't been to your neighborhood yet.
Questions? 201-493-8530.
Good luck.
So far it looks like most houses went down approximately 20% in value.
Michelle
10:13 pm on Thursday, July 26, 2012
That's very helpful Jimmy, thank you! Nice of you to go out of your way to share this with the residents of New Milford. So glad to see you blogging my wonderful friend!!!!
Jimmy Drake
3:22 am on Friday, July 27, 2012
You're welcome Michelle.
Denise
11:48 am on Friday, July 27, 2012
Forgive me for being naive & maybe in logic & bad in math, but if the values are down 20%, wouldn't that make the taxes go down instead of up.....and I am being forced to sell my house because I got stuck with the type of mortgage that flucuates & the taxes went up!?
Jeffrey DelVecchio
1:55 pm on Saturday, July 28, 2012
Most people's taxes will remain the same. When a revaluation is done the tax rate is adjusted to reflect the new assessment trends. If property values go down, the tax rate will increase to keep tax revenues stable. All this is being done because too many people are having their homes reassessed to reflect current market value. When this occurs, taxes will decrease for these people because the rate doesn't change and the town ends up losing revenue.
Jimmy Drake
12:16 pm on Friday, July 27, 2012
Hi Denise:
Bills still have to be paid and I would imagine the tax percentage will go up.
Martin Wolff
10:11 pm on Wednesday, August 22, 2012
Your specific taxes go up or down depending on how your property value relates to the total. So, if in the past your property was worth 100,000 and the town total was 1,000,000 then you would owe 10% of whatever the total tax bill is. If now your house is worth 80,000 and the total town was worth 800,000, you would still owe 10% of whatever the tax bill is. But if your home didn't drop, so that you are still worth 100,000 and the town total value did drop to 800,000 you would now owe 12.5% (100k/800k) of the total tax bill. So the particular value of your property is not what is so important, it is how it relates to everyone else's new value. If everyone drops the same amount, then your percentage of the tax bill will stay the same.
Martin Wolff
Jimmy Drake
7:39 am on Thursday, August 23, 2012
Thanks Martin.
Guess I reverted back to the sixties and tried to say it in shorthand.