Morristown property owners should get revaluation results soon, tax assessor says

MORRISTOWN — Residents will learn the results of Morristown's first property revaluation in nearly two decades next month, but a rough estimate from experts predicts about two-thirds of homeowners will see a change in their property values.

Their tax bills, however, won't be known for months more.

The Town Council unanimously approved a resolution Tuesday authorizing Appraisal Systems, Inc., the firm performing the revaluation, to send out letters informing Morristown property owners of their new assessed values "as soon as is practical."

Morristown Tax Assessor Kevin Esposito, in a presentation prior to the council's vote, said the town's goal is to provide the notices by mid- to late September.

A town undergoing a revaluation typically sends out letters around mid-November, but Morristown officials sought the earlier timeframe "so that we have ample time for our residents to digest the information," Esposito said. Property owners can also use the extended window to challenge their revaluation if they do not agree with ASI's findings.

The town, in turn, has until Jan. 10 to file property assessment lists to the state.

"We'd like to take care of any issues early on so our public is served properly," Esposito said.

Revaluation status

Morristown was ordered by the Morris County Tax Board last summer to conduct its first revaluation since 2004 in order to better reflect current market values. Neighboring municipalities pushed for the updated assessments, arguing the town was not shouldering its fair share of the region's tax burden.

ASI has completed all home inspections, but Esposito said it is too early to provide specific numbers and trends as the appraisers are still analyzing data. He noted "the general rule of thumb" in revaluations is that a third of the properties increase in value, a third decrease and the remaining third stays the same.

How the process works

All revaluations are revenue-neutral by law, meaning the town must balance any increase in property value with a decrease in the tax rate. A newer property in a desirable location is more likely to see taxes rise, while an assessment on an older home often results in lower taxes.

Morristown Mayor Tim Dougherty requested the notice sent to the public mention that the new assessed values will not include the new tax rate. That figure will be calculated during the budget season next spring.

"I don't want residents to be confused, because the tax rate won't be set yet," Dougherty said.

Morristown's $45.5 million budget for 2023 increased the tax rate by 2.9% ($66 per year in property taxes) for a home assessed at the average value of $358,393.

ASI will include an estimate of the anticipated tax rate to give residents a general idea of what it will be, Esposito said. The firm will also publish the values of all properties on its website so owners can compare their home to others in the neighborhood and throughout the town.

'Uneventful' revaluation

The appraisers began conducting property inspections later than expected last summer, requiring the town to receive an extension to complete the work. Since then, however, there have been no delays in the process.

"I am very happy to report that it has been uneventful," Esposito said. "The progress is moving along very, very well."

Morristown has posted answers to frequently asked questions about the revaluation on its website, townofmorristown.org, along with a brief explainer video about the process.

Kyle Morel is a local reporter covering Morris and Sussex counties.

Email: kmorel@njherald.com; Twitter: @KMorelNJH

This article originally appeared on New Jersey Herald: Morristown residents to get revaluation results next month