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TOWNSHIP OF BYRAM - REVALUATION INFORMATION Note: A Public Information meeting was held on Tuesday, 3/11/2008 at 7PM at the Municipal Building. Thank you for attending! The Township of Byram is in the process of conducting a municipal wide revaluation of all real property. Revaluation is a periodic program undertaken in order to appraise all real estate in terms of its full and fair market value. Also known as tax equalization, revaluation insures that all property owners’ pay their fair share of taxes based on the actual market value of the property they own. Field inspectors from Appraisal Systems Inc. will soon be gathering the necessary data needed to determine the value of your property by visiting each property in the Township. During the inspection, the interior and exterior of each property is inspected and the building dimensions are determined. It’s important to point out that the valuation of your home will be based on the total living area in terms of square footage rather than by a room count, although the inspector will list the total number of rooms for descriptive purposes. Aside from the living area, other features which will affect the valuation of your home include: bathrooms, kitchens, finished basements, central air conditioning, decks and patios, fireplaces, pools and saunas, garages, and the overall condition of the home. All the information that is believed to have some bearing on the value of a home will be collected, reviewed and analyzed in order to make a proper determination of the full and fair value of each property. This information, along with the findings of the field inspector, is used to establish true market value. Additionally, real estate market value trends are analyzed by conducting a sales study. This includes an examination of all sales, which took place within three years of the date of the revaluation, a delineation of neighborhoods, and an analysis of any land sales, which may have taken place during that period. Commercial property or properties that were purchased for investment purposes are examined in terms of their income-producing potential. As a result of this extensive research, the value of a given piece of property and the improvements to it can be determined, establishing the true market value of a property as of October 1 of the pre-tax year. In late November/early December, Appraisal Systems Inc. will notify each property owner via first class mail regarding the preliminary assessment of his or her property. If you have any questions or if you disagree with the preliminary valuation, you will have an opportunity to schedule an appointment with a representative of Appraisal Systems Inc. to discuss your concerns. An informal hearing will be available for property owners who have questions or concerns about the preliminary assessment of their property. The interview can be scheduled at a time convenient to the property owner and will take place at a location within the municipality. You will be provided a number to call to schedule an interview should one be necessary. The interview process will be informal and will focus on a discussion of your property. It is important that all the information presented about your property is accurate. If you feel that there are conditions that diminish the market value of your property, the interview is your opportunity to bring those factors to bear. All appropriate comments will be reviewed and considered to determine if an adjustment is in order. You will be notified via First Class mail of the results of the informal hearing. Additional information and frequently asked questions regarding the revaluation process may be found at Appraisal System’s website www.asinj.com. Any additional concerns may be addressed to Penny Holenstein, Municipal Tax Assessor at 973-347-2500, ext. 139. Revaluation Firm Contact Information:
Appraisal System Visitors since 1/24/2003:
Email comments/suggestions to The Webmaster Email Township Manager Email Township Council Members Last Updated: December 17, 2007 |
