By Charley Falkenburg, Packet Media Group
BORDENTOWN CITY — The latest city-wide revaluation revealed taxpayers collectively will lose about $52 million in declining appraised property values.
Commissioner Heather Cheesman said each home’s value decreased by about 19 percent, and homeowners could expect to see anywhere from $39,000 to $45,000 shaved off their property values this year.
The city underwent the last revaluation process at the height of the housing market back in 2007. However, when the economy tanked shortly after, the city began to get hit with tax appeals, which was costing the community thousands of dollars in court fees.
”The assessed values were really out of whack after 2007,” Ms. Cheesman said. “It was difficult and costly to the township.”
To even the tax burden playing field, the city decided to do another revaluation in hopes of achieving better accuracy and saving money in court costs.
Ms. Cheesman said residents can expect to get their tax cards soon if they haven’t received them already. The card will include the old and new values of the property, the amount of taxes that were paid in 2012 and the new tax rate.
She added that as, a general rule of thumb, when property values decrease, tax rates tend to go in the other direction
Those who have an issue with their property’s new value can either file a tax appeal or to schedule a meeting with the tax assessor.
However, Ms. Cheesman advised that a meeting with the tax assessor should be made only if there is a disagreement regarding a large sum of money.
”If it’s only for $5,000, it’s probably not going to change his opinion,” she warned.

