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Executive Summary

This document outlines the property reassessment program for Northvale, New Jersey. The program's primary objective is to equitably distribute the tax burden within the taxing district by appraising all real property at its true market value, as mandated by state law. It clarifies that a reassessment does not increase the total amount of revenue collected by the municipality, but rather adjusts individual property assessments based on current market conditions. The reassessment process is detailed in seven stages: Inspect, Analyze, Review, Inform, Meet, Submit, and Defend. This includes comprehensive interior and exterior inspections of residential properties, with options for virtual inspections and call-backs if owners are unavailable. Commercial and industrial properties are valued using a combination of cost, sales comparison, and income capitalization approaches, adhering to specific New Jersey statutes regarding income and expense information. Property owners receive notifications of their proposed new values and have opportunities for informal hearings with a representative from Appraisal Systems to discuss their assessment. Final values are then submitted to the municipality and county, with provisions for tax appeals. Project updates and assessment information are made available on the Appraisal Systems website.

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--- Document: 6818fc bf4a3d9c190041a9b8b1e3c0582206a8 Document ---
The following is the definition of 
a Reassessment Program as 
described in the “Handbook for 
New Jersey Assessors” :
“A reassessment program seeks 
to spread the tax burden 
equitably within a taxing district 
by appraising property 
according to its true value and 
assessing it based upon such             
value. This is accomplished by 
the mass appraisal of all real 
property in the taxing district by 
an outside professional 
appraisal or reassessment firm.”
The following power point presentation was created by Appraisal Systems, Inc.
to provide a basic outline of the reassessment process.  All rights are reserved.
THE REASSESSMENT OF NORTHVALE


There is an erroneous assumption by some that a reassessment 
is a means by which a municipality increase  property taxes. 
Reassessments do not increase the total amount of 
revenue to be raised by taxation.  The municipality only 
collects the amount of tax dollars that the four units of 
local government (local school, regional school, county 
government and municipal government) determine is 
 
  necessary to operate.
 
 
New Jersey’s real property tax is ad 
 
 
 
valorem or a tax “according to the value.” 
 
 
The State Constitution at Article Vlll, 
 
 
 
Section 1, Par. 1 requires that all real 
 
 
 
property be assessed at the “same 
standard of value.”  New Jersey Statutes at N.J.S.A. 54:4-23 
establish the standard of property value to be the “full and fair 
value” or “true value” which is defined as “the price at which, 
 
in the assessor’s judgement, each parcel of real property          
would sell for at a fair and bona fide sale.”
THE REASSESSMENT OF NORTHVALE


*last reval (2006) Reassessment (2011)
 
*average ratio (68.50)
 
* C.O.D. (14.11%)
 
*number of appeals 
       Other:
 
*changes in characteristics in areas            
or neighborhoods within the 
  
   
municipality and in individual 
   
   
properties
 
 *economics (inflation and recession)
 
 *fads (desirability of architecture,     
                                                                         
size of home, etc...)
 
 *legislation (wetlands, pinelands,  zoning, etc...)
Why a Reassessment?
•Ordered by County Board of Taxation
•Criteria used to determine need:
THE REASSESSMENT OF NORTHVALE


For Example Purposes Only
•Property A: 2025 Assessment = $404,000
                   2025 Tax Rate = $3.202/100
                   2025 Taxes = ($404,000 x .03202) = $12,936 Taxes
THE REASSESSMENT OF NORTHVALE
IF AVERAGE INCREASE FOR THE TOTAL TOWN IS 2.0 TIMES : TAX RATE WILL DECREASE 
BY 2.0 TIMES DUE TO REASSESSMENT ASSUMING BUDGET REMAINS THE SAME
2025 Tax Rate $3.202 / 2.0 = $1.601 Tax Rate for 2026 (Example Only) 
•Property A: 2026 Assessment = $808,000
                   2026 Tax Rate = $1.601/100
                   2026 Taxes = ($808,000 x .01601) = $12,936 Taxes (Rounded) 
Other Examples:
•Property A: 2026 Assessment = $850,000 x .01601 = $13,609 Taxes
                   2026 Assessment = $775,000 x .01601 = $12,408 Taxes
            


For Example Purposes Only
•Property A: 2025 Assessment = $404,000
                   2025 Tax Rate = $3.202/100
                   2025 Taxes = ($404,000 x .03202) = $12,936 Taxes
THE REASSESSMENT OF NORTHVALE
IF AVERAGE INCREASE FOR THE TOTAL TOWN IS 2.7 TIMES : TAX RATE WILL DECREASE 
BY 2.7 TIMES DUE TO REASSESSMENT ASSUMING BUDGET REMAINS THE SAME
2025 Tax Rate $3.202 / 2.7 = $1.186 Tax Rate for 2026 (Example Only) 
•Property A: 2026 Assessment = $1,090,800
                   2026 Tax Rate = $1.186/100
                   2026 Taxes = ($1,090,800 x .01186) = $12,936 Taxes
Other Examples:
•Property A: 2026 Assessment = $1,150,000 x .01186 = $13,639 Taxes
                   2026 Assessment = $950,000 x .01186 = $11,267 Taxes
            


1
2
3
4
5
6
7
Analyze
Review
Inform
Meet
Submit
Defend
Inspect
The Reassessment 
Process
THE REASSESSMENT OF NORTHVALE


Letter of Introduction with brochure
•Mailed to address of record for all 
residential and vacant land owners.
1
Inspect
THE REASSESSMENT OF NORTHVALE


•First visit between 9:30am-5pm
•Each inspector is issued an ID        
authorized by the Police Dept.
•Do not allow anyone in your 
home without this identification.
•Call Police Department before 
allowing anyone in your home if 
you have any concerns.
First visit - Introduction of Field Rep. to property owner
1
Inspect
THE REASSESSMENT OF NORTHVALE


First visit – Site Inspection & Outside Influences
1
Inspect
•Economic loss due to outside influences (environmental nuisances 
and hazards.)
•Topography (land contours and grades.)
•View (positive and negative     
influences; views of water,        
mountains or valleys can              
produce positive values, conversely a 
poor view can produce a value penalty.)
THE REASSESSMENT OF NORTHVALE


First visit – Site Inspection cont....
1
Inspect
•Economic loss due to 
outside influences (such     
as High Tension wires.)
•Immediately adjacent 
commercial or industrial 
properties, gas station, 
stores, schools, firehouses 
(can produce a value loss.)
•High traffic streets 
(proximity to noise, fumes, 
congestion and accidents  
are also negative factors  
that are considered.)
THE REASSESSMENT OF NORTHVALE


First visit – Measure exterior
1
Inspect
•The exterior of the residence is examined in 
detail, starting with the foundation, framing, 
exterior cover and roof.
•The inspector will measure the exterior 
dimensions of the main improvement and all 
other structures on the property.
•The architectural style of the main improvement  
is identified.
THE REASSESSMENT OF NORTHVALE


First visit – Measure exterior cont....
1
Inspect
•A footprint of the house is drawn to scale.
•The house is broken into sections
THE REASSESSMENT OF NORTHVALE


First visit – Style of the house
1
Inspect
•Architectural style: the character of a building’s form and 
ornamentation
•There are five basic designs: 
 
 
 
 
-One story 
 
 
 
 
 
-One and One-half story 
 
 
 
 
-Two story 
 
 
 
 
 
-Split Level 
 
 
 
 
 
-Bi-level
•The architectural style of the main improvement is identified and 
its effect on property value is considered.  Is the style in harmony 
with the neighborhood and market standards?
THE REASSESSMENT OF NORTHVALE


First visit – Exterior quality of the house
1
Inspect
•Quality refers to the character of construction and the materials 
used, the manner of construction and the workmanship.
•The condition refers to the overall wear and tear, the extent of 
physical deterioration and the level of maintenance.
THE REASSESSMENT OF NORTHVALE


First visit – Call Back
1
Inspect
•If no one is home on the first visit, the 
inspector will leave a notice.
•The notice will have an appointment for 
return visit.
•The appointment will be in the evening 
(typically between 5pm-7pm.)
•Some Saturdays may also be available.
•The property owner can reschedule by 
calling the phone number on the card.
THE REASSESSMENT OF NORTHVALE


1
Inspect
•The interior of the residence is inspected next and takes approximately 5-15 
minutes depending on the size of the house.
•All levels of the home including the main floor, upper levels, attics (with fixed 
stairs) and basements will be inspected.
•The inspector will also note the number of rooms, heat type, air conditioning, 
number/type of fireplaces, plumbing, and the percent of finish in attics and 
basements.
First visit – Interior Inspection
THE REASSESSMENT OF NORTHVALE


First visit – Interior Inspection - Kitchens
1
Inspect
•The quality and condition of the kitchen will be examined.
THE REASSESSMENT OF NORTHVALE


First visit – Interior Inspection - Bathrooms
1
Inspect
•The quality and condition of the bathroom will be examined.
THE REASSESSMENT OF NORTHVALE


First visit – Interior Inspection – Basements/Attics
1
Inspect
•The quality and condition of the basement and
attic areas will be examined.
THE REASSESSMENT OF NORTHVALE


First Visit – Interior Inspection – Virtual Option
1
Inspect
If an inspector is not given the opportunity to do an interior inspection, 
interior information will be estimated which may result in an inaccurate 
assessment of your home. 
There are 2 ways an interior inspection can be performed:
      
      1) A physical inspection where the inspector enters the premises and 
does a complete walk through. 
      
      2) A contactless interior inspection using a video conference either 
during the first visit or a mutually convenient scheduled time        
•If no one is home at the time inspection, the inspector will leave an 
inspection card notice.
THE REASSESSMENT OF NORTHVALE


Second Visit – Estimate
1
Inspect
•If the callback appointment has not been rescheduled by the 
homeowner, the inspector will return at the scheduled day and time 
range.
•If no one is home at the time of the second visit, the inspector will 
estimate the interior.  The estimated information will be left with 
the property owner on a blue “estimate card.”
•If the information is incorrect, the homeowner can call the number 
on the card to reschedule another interior inspection to correct any 
inaccuracies.
•Information can not be 
 
 
 
 
       
changed over the phone.
THE REASSESSMENT OF NORTHVALE


Condominium/Co-op/Townhouse Properties
•Same inspection process as residential properties.  (Process will be coordinated 
with property manager if necessary.)
•Master deeds will be utilized to confirm size, layout, model and common elements.
•Same review process as other residential properties.
THE REASSESSMENT OF NORTHVALE


Condominium/Co-op/Townhouse Properties
•Same inspection process as residential properties.  (Process will be coordinated 
with property manager if necessary.)
•Master deeds will be utilized to confirm size, layout, model and common elements.
•Same review process as other residential properties.
THE REASSESSMENT OF NORTHVALE


Neighborhood Development
•The neighborhood is the immediate environment of the subject property.             
A neighborhood is defined by certain characteristics that are homogenous  and 
differentiate it from other areas in the community.
•Elements of homogeneity or similarity
2
Analyze
-Similar style houses 
 
 
 
 
 
 
-Houses of similar utility 
 
 
 
 
 
 
-Similar age and size of houses 
 
 
 
 
 
-Similar quality of houses  
 
 
 
 
 
-Similar price range of houses 
 
 
 
 
 
-Similar land uses (zoning)
THE REASSESSMENT OF NORTHVALE


Neighborhood Development cont....
•Neighborhoods are delineated for purposes of analysis and eventual 
establishment of land values.
•Neighborhood boundaries are often established by:  
2
Analyze
 
-Natural barriers (rivers, lakes, hills, 
etc.....)
 
 
 
               
-Political barriers (city limits, zone 
boundaries, school districts, etc.....)
 
    
 
     
   
-Man made obstacles (streets and 
highways,   rail lines, major utility 
rights of way, “green belts”, etc.....)
THE REASSESSMENT OF NORTHVALE


•Reports are generated based upon information realized from the 
inspection of properties and the market sales analysis.
•Assists in applying all market value indicators into a uniform 
standard that produces equitable  values. 
Market Analysis & Review cont....
3
Review
THE REASSESSMENT OF NORTHVALE


4
Inform
•Mailed to address of record 
for all property owners.
•Date of mailing depends on 
the project schedule.
•Mailings usually occur at the 
end of the year or early into 
the next year.
•Contains total assessment for 
property.
•Contains instructions for 
setting up a meeting to review 
assessment. 
Notification of Value
THE REASSESSMENT OF NORTHVALE


4
Inform
www.asinj.com
Website
THE REASSESSMENT OF NORTHVALE


5
Meet
•Opportunity to discuss your 
proposed assessment with a 
representative of Appraisal Systems.
Informal Hearings
•One-on-one meeting 
by appointment.
•Typically takes place 
in the municipal 
building.
•Meetings are held 
Monday-Saturday; 
Mornings, afternoons 
& evenings.
THE REASSESSMENT OF NORTHVALE


6
Submit
•Final values sent to Town and County
•All information (data collection forms, 
property record cards, photographs, 
neighborhood map, correspondence, 
database, etc....) is given to Town.
•Official notification of final value from 
Municipality (via postcard.)
Transmit Final Values to Municipality & County
THE REASSESSMENT OF NORTHVALE


7
Defend
Tax Appeal
•County appeal/State appeal.
•Can not appeal comparing assessments.
•Can not appeal taxes.
•Must prove value by use of comparable sales
•Appeal deadline: 
 
 
   
 
-May 1 (newly revalued 
 
 
 
municipalities) 
 
 
-April 1 (all others)
THE REASSESSMENT OF NORTHVALE


Commercial/Industrial Valuation
•All commercial and industrial properties are valued using three approaches: 
 
             a. Cost Approach  
 
 
 
 
 
 
b. Sales Comparison Approach 
 
 
 
 
 
c. Income Capitalization Approach
THE REASSESSMENT OF NORTHVALE


Commercial/Industrial Valuation cont....
•Property owners are notified via certified mail which contains a demand for 
income & expense information.
SENATE, No. 309
STATE OF NEW JERSEY
 
PRE-FILED FOR INTRODUCTION IN THE
1976 SESSION
By Senator Ewing
[¶ 94-913]
Sec. 54:4-34. Statement by owner; examination by assessor.-Every owner of real property of the 
taxing district shall, on written request of the assessor, made by certified mail, render a full and true 
account of his name and real property and the income there from, in the case of income producing 
property, and produce his title papers, and he may be examined on oath by the assessor, and if he 
shall fail or refuse to respond to the written request of the assessor within 45 days of such request, or 
to testify on oath when required, or shall render a false or fraudulent account, the assessor shall value 
his property at such amount as he may, from any information in his possession or available to him, 
reasonably determine to be the full and fair value thereof. No appeal shall be heard from. the 
assessor's valuation and assessment with respect to income-producing property where the owner has 
failed or refused to       respond to such written request for information within 45 days of such request 
or to testify on oath when required, or shall have rendered a false or fraudulent account. The county 
board of taxation may impose such terms and conditions for furnishing the requested information 
where it appears that the owner, for good cause shown, could not furnish the information within the 
required period of time. In making such written request for information pursuant to this section the 
assessor shall enclose therewith a copy of this section.
                   (As amended by Ch. 51, Laws 1960; Ch. 91, Laws 1979, effective May 16,1979.)
THE REASSESSMENT OF NORTHVALE


Properties Under Construction
•All properties will be 
valued as of their 
condition on October 1, 
of the pre-tax year.
•A property is 
considered to be taxable 
when it is “ready for its 
intended use.”
•The assessor will revisit 
the property upon 
completion and subject 
it to the Added 
Assessment list.
THE REASSESSMENT OF NORTHVALE


www.asinj.com
Project updates and assessment information 
(when completed) available on the NORTHVALE page of our 
website
THE REASSESSMENT OF NORTHVALE