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.
