Dear Property Owner,
It has been almost fifteen years since a
revaluation was completed
in
the City of
Northfield. New Jersey real estate taxation law
mandates that all real estate be assessed at
100% of market value and there must be
equalization among assessments.
Annually, the State of New Jersey, Division of
Taxation, and the Atlantic County Board of
Taxation complete a study of all the sales that
have transacted in each community, including the
City of Northfield, and determine the relationship
of assessed value to sale value for each usable
sale.
It has been determined by the above mentioned
agencies that the properties located within the
City of Northfield are currently assessed far below
market value. The Atlantic County Board of
Taxation has ordered a revaluation of the City to
be completed and implemented by the 2010 tax
year.
Some of the major forces responsible for causing
inequity
in assessments are
inflation and
neighborhood trends. As a consequence, all
properties have not increased in value at the
same rate since the last revaluation; hence,
imbalances have been created.
We have prepared this brochure to help you
understand the process that takes place during a
revaluation program. In addition, it is an attempt
to answer some basic questions and to clear up
common misconceptions.
For further information about the revaluation,
please contact Professional Property Appraisers
at (856) 764-6500 or visit their website at
www.ppareval.com.
Thank you
for your
cooperation in helping my office to complete this
revaluation program.
Sincerely,
Mark A. Sykes, CTA, SCGREA, RG01090
Tax Assessor
What is a Revaluation Program?
A Revaluation Program seeks to spread
property taxes equitably within a taxing district,
such as the City of Northfield, by making sure that
each property is assessed on the basis of its
value. Each parcel in the City will be inspected
on the interior and exterior, if possible, and
appraised. A market value, a