A question from the NJ Department of Community Affairs 2012/2013 Best Practices Inventory Questionnaire:“Given the potential fiscal impact of property tax appeals on municipalities, the Tax Assessor and CFO should review the status of filed appeals on a regular basis to determine their effect on future budgets and plan accordingly.
"With input and approval from the governing body, this plan should include an evaluation of current assessment values and should consider setting aside an adequate estimated reserve to fund potentially successful state tax court appeals. Has your municipality considered a property reassessment/revaluation to counter the effect of successful residential tax appeals?
"In answering this question, a yes answer indicates that the municipality either 1) determined after reviewing assessed values that a reassessment/revaluation is unnecessary due to assessed values accurately reflecting market values (resulting in a small number of successful appeals); or 2) if the impact of appeals is significant, a revaluation plan has been filed with your County Board of Taxation.”
Galloway is facing a great fiscal crisis with a record number of property tax appeals which could result in a significant number of Galloway employee layoffs and a further erosion of services. Galloway citizens deserve to know whether the DCA’s property tax reevaluation question has been thoroughly reviewed and evaluated by our elected officials. An accurate property tax revenue stream that reflects the true market value of homes and businesses is needed to plan for Galloway’s future.
Democratic Candidate for Councilman
105 Misty Ln. Galloway NJ. 08205