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Ridgewood’s reassessment shows decrease in overall property values


Ridgewood’s reassessment shows decrease in overall property values
Wednesday February 27, 2013, 4:27 PM
The Ridgewood News

The total worth of all Ridgewood property will likely decrease between 13 and 14 percent, a figure that might affect homeowners’ municipal tax bills this year, village finance officials said Monday.

Approximately 90 percent of Ridgewood’s village-wide reassessment was verified when tax assessor Michael Barker addressed the Village Council earlier this week and discussed the potential impact that new property values will have. Definitive numbers and values were not yet available.

Ridgewood is currently notifying residents of their individual results from last year’s reassessment, the first complete property appraisal since the 2008 revaluation. The reassessment, performed by Appraisal Systems Inc., is also the village’s first since the real estate bubble burst, which caused a downward spiral and rapid decline in the previously robust housing market.

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8 thoughts on “Ridgewood’s reassessment shows decrease in overall property values

  1. In the notice it says that this may not decrease your taxes.
    No shock there.

  2. It’s Bush’s Fault

  3. Values are down but our taxes will not change. The budget for village and schools are the same.

    What was the point of doing a revaluation?

  4. Good question! who decides when re-evaluations are done?

  5. I think the point of the re-evaluation was that so many people were winning their cases challenging their property values given that everyone knows that property values have declined substantially since the last time a re-evaluation was done. As a result, those people who successfully challenged the assessed property values were now paying less in taxes. This, in turn, was screwing up what the town expected to receive in taxes. Doing a reevaluation of all homes will allow the town to set property tax percentages based on more accurate property values thus eliminating the uncertainty. I doubt your taxes will decrease. It is simply a way to make sure that expected tax revenues are reliable.

  6. Got it thanks!

  7. More to the point #5 by setting a higher rate, when real estate bounces back in a few years, they can re assess, and make a fortune at the higher rates (which won’t go down to offset the higher assessment. I assure you that’s a one way street!)

  8. Hauck should recuse herself from all discussions. Watch the Aronsohn flip flop. The fix is in.

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