The revaluation program of all property within the Borough of Fanwood is proceeding smoothly and as expected. The intended efforts of this revaluation will reflect the changes in market values that have occurred in the Borough since the last revaluation of Fanwood, conducted over 30 years ago in 1983.
New Jersey State law mandates that all real estate be assessed at current market value. Market value is defined as the price a property would sell for on the open market between a willing buyer and seller.
The Borough was ordered to conduct the revaluation program by the Union County Board of Taxation and began the program in May.
Since then, Realty Appraisal Company, of West New York, New Jersey, has deployed a crew of property inspectors throughout town, measuring and inspecting dwellings and commercial buildings. As of early September, Realty Appraisal Company has confirmed that approximately 90 percent of the dwellings have been visited, and the inspection process is slated for completion by October.
The project supervisors, Steven and Neil Rubenstein, in consultation with the Borough Tax Assessor, Michael Ross, are currently analyzing recent sales and listings in order to accurately assess and estimate the market value of all Borough properties.
At the conclusion of this revaluation, each property owner will receive a notice of their property’s new valuation, as determined by Realty Appraisal Company. Please be aware, the notification letter will contain a phone number and web address that property owners can use to schedule an appointment in Fanwood for an informal review of their valuation, if they so desire. We anticipate mailing those letters in mid November. We anticipate meeting with property owners will begin in early December.
