Borough contracts for reassessment of all property in town
August 31, 2022
The borough followed through on discussions from earlier this summer and the assembly last week approved a contract for reassessment of the value of all commercial and residential properties in the community.
The intent is not to raise revenue — that is determined by the property tax rate the assembly sets every spring as part of the budget process. The reassessment is to ensure that valuations are “equitable across the board,” explained Borough Manager Jeff Good.
After the assembly adopts its annual budget, it considers available revenues, such as federal and state funding and estima...