By: centraljersey.com
PRINCETON – Township officials say they’re considering several options to deal with dissatisfaction over a recent property tax revaluation.
Conducted by Appraisal Systems Inc., a recently completed tax revaluation of the Princetons has had many residents and officials complaining about the project’s accuracy and fairness. Others have questioned their ability to remain in the area as property values and taxes increase and because of an overall shift of the tax burden from more expensive to less expensive properties.
While some have suggested redoing the entire process, Administrator Jim Pascale said the township is considering two options. The first would include a compliance plan that allows the tax assessor to monitor market prices and home sales of neighborhoods to see if they are coming in higher or lower than what the revaluation said. The assessor would then petition the county Board of Taxation to revise assessments in that neighborhood.
A second option would be a process in which the assessor would do an audit of property records and take into account new sales data as sales take place. The assessor would take a portion of the community and over five years do a complete reassessment of the township.
Mr. Pascale said a price has yet to be determined for either process. For the revaluation, the township paid $500,000 and the borough paid $280,000
Committeewoman Liz Lempert said price is a big concern, but either option could be more feasible than doing another revaluation of the township and borough.
"To do it again just to do it again, when its quite possible you’d get very similar results, I don’t think that’s a responsible thing to do," said Ms. Lempert. "I think it’s a lot of money. Whenever we spend money we want to be careful that we’re being smart about it, and I think those other two options that we’ve just been talking about will offer a similar sort of solution for much cheaper."
Ms. Lempert said she still has questions about both options and would like the Township Committee to meet before its scheduled Sept. 20 meeting.
"I have a lot of questions about both of them. And that’s what we’re hoping to ask our staff about, the pros and cons," she said. "I think we need to have a public discussion as soon as possible."
She said doing revaluations and assessments more frequently would likely mean more accurate findings and prevent similar problems from arising in the future.
"I that agree something needs to be done and I think having waited so long probably did contribute to some spikes people are receiving which is really unfair, to be faced with a bill that’s 40, 50, 60, or even more, percent higher. Anyone looking at that would say that’s totally unfair," she said.
Locally, many Township Committee members saw in increase in the assessment of their homes and as a result, an increase in their taxes.
Ms. Lempert said the assessment of her Meadowbook Drive home doubled, with her taxes increasing approximately $750. She said she would not be appealing the assessment.
Mayor Bernie Miller said the assessment of his Governors Lane home, which was purchased in February 2007 for $195,000, went from $535,800 to $858,900. He said he thinks the assessment was fair and that he will not be appealing.
The assessment of Committeewoman Sue Nemeth’s Mount Lucas Road home went from $212,000 to $412,000. She said her taxes are expected to increase by a few hundred dollars and that she has not appealed.
Committeeman Lance Liverman said "all of my property that I own in Princeton borough and township increased in taxes. The fact is my property at 22-24 Quarry Street increased the most."
The increase, he said, is approximately $7,000. He also said is accepting the assessment and would not appeal.
Borough Councilman David Goldfarb said the assessment of his Charlton Street is $366,200 and that his taxes increased by 27.5 percent from 2009 to 2010.
"I believe that my new assessment is reasonably close to the fair market value of my property, so I did not appeal," he said.
Councilwoman Jennifer Crummier, who proposed a "redo" of the revaluation process, said taxes on a Moore Street home and a Library Place home would "even out" and that both assessments went up. jsaccenti @centraljersey.com.

