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.
Public Budget Hearings for 2014 Budget – March 19
The Village Council has scheduled the first of several Budget Hearings for 5PM on Wednesday, March 19th. The Hearing will take place in the Village Hall Court Room, 4th Level, 131 N. Maple Avenue, Ridgewood. Additional dates to follow.