Keep an eye on your mailbox, as Cinnaminson homeowners will begin receiving reassessment letters this week notifying them of their new property values.
Tax assessor Dennis Deklerk said the letters would be going out in the mail beginning Wednesday. Property owners with questions about the new assessment will be able to schedule an appointment with Professional Property Appraisers to get more information.
Deklerk said residents can also visit the New Jersey Association of County Tax Boards (NJACTB) website to obtain information about their property, which was partly used to determine their new appraisal.
“It’s an opportunity to do a self-audit,” Deklerk said of the information on NJACTB. “So they have something they can go in with if they have questions.”
Property owners have until Jan. 20 to set up an appointment for an informal review with Professional Property Appraisers. Following that, the formal appeal period begins—tentatively—on Feb. 25 and lasts until May 1.
Deklerk isn’t anticipating an abundance of appeals however, given that the reassessment is “sort of a rollback,” in the sense that for many property owners—though not all—their values will decrease.
Preliminary results of the reassessment indicate a roughly $200 million to $300 million drop in the value of Cinnaminson’s ratables over the last five years, representing a 12 to 15 percent loss in value.
Following Moorestown’s reassessment last year, appeals dropped 60 percent, according to Deklerk, who also serves as Moorestown’s tax assessor. He’s expecting a similar dip in Cinnaminson.
There were about 400 appeals in Cinnaminson in 2013—a trend that has led to the township losing more than $2 million in revenue over the last few years. Deklerk said that could drop to 200 in 2014, and even lower in 2015.
The new valuations and resultant taxes will take effect in the second half of 2014, with any increase or decrease being split between the third and fourth quarter tax bills.Let us know when you receive your new assessment. Did your taxes go up? Down? Comment below or email email@example.com.