Ridgewood’s reassessment shows decrease in overall property values
Wednesday February 27, 2013, 4:27 PM
BY DARIUS AMOS
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.