By Kristine Snodgrass, Staff Writer
Letters that reveal the true market value of Princeton properties are expected to be mailed this month, weeks later than was anticipated.
A result of the joint revaluation process between the two municipalities, the letters were delayed because of concern they might be lost or overlooked during the busy holiday season, Borough Administrator Robert Bruschi said.
They now are expected to be mailed in the next few days for Princeton Borough while Princeton Township property owners will have to wait a few weeks longer, according to Brett Trout, vice president of Appraisal Systems Inc.
Company representatives updated the governing bodies on the status of the revaluation at a joint meeting Dec. 7 and, at that time, reported that the letters would be mailed in one to two weeks.
”At this point, it’s my understanding along with the assessor that we’re going to get the borough letters out this week, and the township letters will go out towards the end of January,” Mr. Trout said Monday.
The assessment will be as of Oct. 1 for use in the 2010 tax year. An internal and external inspection process of properties, recent individual sales and an evaluation of neighborhood characteristics and market trends all were factored into the final assessment.
The Princetons were ordered by the Mercer County Board of Taxation to conduct a revaluation for the 2010 tax year. The last property revaluation in the Princetons occurred in 1996.
Property owners who disagree with the new assessment are encouraged to take advantage of the opportunity to meet with a representative from Appraisal Systems as will be noted on the letters. The one-on-one interviews will be held locally, Mr. Trout said, Monday through Saturday during normal business hours and evening hours.
The key factors that contributed to the value of a property will be available at the interviews as well as on the company’s Web site, www.asinj.com, as the letters are mailed.
Property owners will have until May 1 to file an appeal with the county Board of Taxation. The deadline is delayed from the normal April 1 deadline for municipalities that have just undergone a full revaluation.
If property owners are unsatisfied with the judgment from the county, they can file an appeal with the state tax court within 45 days. The case then can go to the appellate division where no new evidence can be examined.
ksnodgrass@centraljersey.com
