Village Reassessment

DON'T PANIC.  Yes, your Assessment probably went up.  But your taxes probably will remain the same - except for any increases  for the new tax year 2020.

As you all know, the Village was ordered by the County Tax Board to conduct a reassessment of its property values.  This order was triggered by the fact that the property assessments in the Village were at 75% of their true value for 2019.  This rate is determined by the County based upon recent sales that took place in the Village over the past year.  However, the good news is that when property values go up, the tax rate will go down, which will mitigate the change in your tax bill. 

The 2019 tax rate in the Village was $3.939 per $100 of assessed value.  The new rate for 2020 is projected to be $3.19 per $100 of assessed value.  Therefore, even though the assessment on the average property has increased, because of this lower tax rate, the likely taxes owed from that increased assessment will be partially or fully offset. 

AS AN EXAMPLE: if a house was valued at $250,000 in 2019, the owner paid a real estate tax bill of $9,847.50.  If the new assessed value for  2020 is $310,000, then the tax bill would be $9,889.00 plus the normal increase in taxes for the new year.

If you have any questions please do not hesitate to call the Village representative, Rick Del Guercio at (609) 967-6272 or the Village Tax Assessor, Arthur Carlson, at (201) 641-4950.