the staff of the Ridgewood blog
Ridgewood NJ, If you’ve recently opened your mail to find a letter from Appraisal Systems, you aren’t alone. The Village of Ridgewood is officially undergoing a Bergen County Tax Board mandated reassessment of all local properties.
“When some districts continue to fail decade after decade, it’s clear that money is not the answer,” – Senator Mike Doherty, on his support for Gov. Chris Christie’s new school funding plan.
A longtime proponent of changing New Jersey’s school funding formula is coming on as the Senate sponsor of Governor Chris Christie’s plan to change the state’s apportionment of school aid. Senator Mike Doherty (R-23), who has pushed his own plan to change the amount of tax revenue given to certain districts rather than the amount of state aid, will serve as primary sponsor of the governor’s plan in the upper house. JT Aregood, PolitickerNJ Read more
Reader says Ridgewood’s effective property tax increase was +4% based on the realized decline in property prices.
According to a Tarvin Realtors report on Ridgewood home sale prices as a percentage of tax assessment value, the average sales price in 2013 was 108.35% of the full tax reassessment in 2012-2013 (source: https://www.tarvinrealtors.com/wp-content/uploads/2012/03/2013-December-RWD-Sold-v-Assessed-Value.pdf ). The 2012-2013 reassessment cut the average home value in Ridgewood by 13%, so that implies that average property prices fell by 4.65% YoY vs. 2012 based on realized sales prices in 2013 (8.35% – 13%). However, overall property taxes were flat to up YoY, so that’s an effective tax increase of +4% based on the realized decline in property prices.
