The Township Council is expected to vote Tuesday to move ahead with a property revaluation after facing a deluge of successful tax appeals.
An ordinance introduced in July to spend $712,470 on the revaluation notes the process would not be finished for the 2014 tax cycle, leaving open the possibility Teaneck could be on the hook for future tax refunds.
The large amount of properties to inspect and process of advertising to find an appraiser for the work were cited as reasons the town wouldn’t be able to finish the revolution by Oct. 1, according to the ordinance.
“Bergen County Board of Taxation has expressed its willingness to extend the completion date as of October 1, 2014 for the Tax Year 2015, subject to the Township of Teaneck diligently proceeding with such revaluation,” the ordinance states.
The council is expected to award a contract for the revaluation to Whippany-based Appraisal Systems, Inc., which submitted the lowest bid at $712,470.
Residents have criticized township officials for not acting sooner to launch a property revaluation as it faced a rise in appeals. In April, the state’s Local Finance Board approved Teaneck’s plan to issue refunding bonds over three years to cover $2.2 million is successful appeals from 2012.