By David Kilby, Staff Writer
MONROE — The Realty Appraisal Company, of West New York, was awarded the contract for the township’s property revaluation project for $1,195,265, almost $800,000 less than the township budgeted for the project.
Founded in 1934, the Realty Appraisal Company has completed more than 350 revaluation programs since 1951, including Monroe’s revaluation in 1992, according to the company’s website, www.realtyappraisal.net.
In January, the township appropriated $1,975,000 for the revaluation of its 21,338 properties, which is $779,735 more than the price Realty Appraisal will charge for the project.
In December, the state granted Monroe a one-year extension for its revaluation project since the township insisted there was no way it could complete the project by January 2012, which was the original deadline.
Now the township has until January 2013 to complete the project.
But Monroe also is waiting on the New Jersey Division of Taxation to approve the township’s tax maps and cannot finish the revaluation until then, said Wayne Hamilton, business administrator.
The state is court-ordering a revaluation of Monroe’s properties because they are assessed at only about 53 percent of their actual value.
A letter will advise homeowners when the revaluation firm will come out to assess their property.

