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Residents Invited to Informational Session on Revaluation Program

The meeting will review the timeline of revaluation project and allow residents to ask questions.

The Township of Teaneck and Appraisal Systems are inviting residents to one of a series of informational meetings regarding the 2015 Township Revaluation Program.

The meeting will take place Monday at Richard Rodda Community Center, Room MP1, at 7 p.m.

The revaluation comes as the current market value assessments on the municipality are no longer accurate. Representatives from Appraisal Systems will be touring houses to assess value.

The revaluation intends to properly redistribute the tax burden on all property owners. According to Appraisal System's introductory brochure, tax increases on respective property owners may vary, if it occurs at all.

The appraisers will take into account remodeling, square footage, physical condition of the structure, topographical features and more when determining value.

The meeting will review the timeline for the revaluation plan and give attendees time to ask questions.

Those seeking more information are asked to contact Issa Abbasi at 201-837-1600 ext. 1003 or by email at atiabbasi@teanecknj.gov.
Jacob June 30, 2014 at 09:20 AM
Tom or Michael - Since you guys seem to have a handle on the research end of this issue, can you tell us how much tax revenue Teaneck is losing due to the hospital and the university being tax exempt?
Tom Abbott June 30, 2014 at 01:29 PM
Michael: I am receiving emails containing comments, but they are not showing up on Patch. I suspect this is a result of using the "Reply" feature on Patch which simply does not work. Most replies remain invisible.
Tom Abbott June 30, 2014 at 02:14 PM
To the best of my understanding tax exempt property assessments tend to be inaccurate as it is not worth the expense to determine an accurate value when no taxes will be collected regardless of the result. With that in mind, FDU's property is assessed at $59,266,800 and Holy Name at $66,860,300. The 2013 taxes on those amounts would be $1,473,373 and $1,662,147.
Tom Abbott June 30, 2014 at 02:20 PM
With regard to another comments, tax exemption for religious institutions are not considered to be protected under the US constitution.
Jacob June 30, 2014 at 02:25 PM
Wow. Thanks, Tom. I might understand FDU and HN being exempt from school taxes but why from municipal taxes? They receive the same municipal services as other money-making concerns.

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