You can pick up a brochure from Realty Appraisal Company, the firm conducting the revaluation program, at Fanwood Town Hall and the Fanwood Public Library. You can also click on this link for more information about the process and the firm conducting the revaluation: www.realtyappraisal.net/homeowner-faq

The revaluation process will start in May 2019. New Tax Maps for the Borough are currently being reviewed by the State of NJ. Once approved, the revaluation of properties will begin. The new assessments must be completed by October 1, 2019 and in place for the 2020 Tax Levy. Click here to learn more.

The notice of your new assessment will include information about how to request a personal informal hearing to review your proposed assessment.

Yes. The revaluation firm is required to notify each taxpayer by mail advising of the new appraised value prior to the new value being officially posted on the tax list.

The Borough has hired Realty Appraisal Company to perform this service. The representatives doing the actual inspections and collecting information are not necessarily responsible for developing the market value estimate. Click here to see who the individuals inspecting your home will be.

The interior and exterior of each property is typically inspected. For example, inspectors will record number of bathrooms, verify measurements, interior finishes, age of property. In short, all information believed to influence value is reviewed and analyzed to make a proper determination of each property’s full and fair value. In addition, recent sales of properties ...

It is important to remember that assessments are merely a base used to apportion the tax responsibility. The tax level is the amount that the municipality must raise to fund the operation and services of county and local government and support the school system.

Typically, a revaluation will result in an increase of property assessment (value), but it does not mean that all property taxes will increase. A common misconception is that a Revaluation is done just to increase property taxes. Property taxes are determined by the municipal, county and local school district budgets. If these budgets increase but ...

A revaluation program, which is supposed to be done periodically, seeks to more accurately reflect market conditions and spread the tax responsibility equitably within a municipality. Since market conditions change and assessments rarely change over time, the relationship between assessments and market values become more distant and must be brought into line. Real property must ...

A revaluation is undertaken by a municipality to appraise all real property within a town to determine its full and fair value and more in line with market values. That value is the price at which the tax assessor believes is a fair and bona fide sale price of a property. The validity of the ...