Months ago my town announced they had commissioned a reassessment of all property values within the city limits. Every property in town would be appraised and everyone’s property taxes would be adjusted based on the revised assessment.
The total amount of property taxes collected by the town would stay the same, only our individual shares would be increased or decreased based on our new property values.
Needless to say I was a little nervous when I learned that our property value had increased from $146,000 to $278,000. How much was this gonna cost me!
Well as it turns out I’m actually going to save a few bucks. $961 to be exact!
That’s right, after years of watching my property tax bill shoot up higher and higher I finally get to see a decrease from just under $9000 to just under $8000. That’s still a lot compared to most of the country but in Northen New Jersey it is the going rate for a modest sized home.
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Yeah my home value went down but my taxes went up not sure how that would work.
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