Maplewood Revaluation tax appeal 2024: An Appraiser’s Perspective

Have you heard some people asking lately, “Are my taxes going to increase?” or “What can I do to lower my taxes?”

Maplewood has not gone through a revaluation in several years and the way the market has skyrocketed, the assessed values on the properties are much lower than the actual values.  Therefore, this needs correction. 

The purpose of the revaluation is not for the municipality to collect more revenue, but rather for the tax burden to be apportioned fairly amongst property owners based on the fair market value.  Keep in mind that with the increased property assessment, the town’s tax rate will go down and your taxes may go up, down or remain the same. 

Maplewood revaluation market stats from December 5, 2023 and back 12 months.

These are general statistics from the residential market of Maplewood as a whole.  A tax appeal appraisal report would use comparable sales specific to your own property.

Maplewood is currently working with a third party called Professional Property Appraisers, Inc. who performed the property inspections and is working with the assessor to determine the new property assessments. 

If you are considering appealing your taxes, we recommend that you allow the revaluation company representative in the house if you have not done so already, or you may delay or forfeit your opportunity to appeal.

Once the Maplewood revaluation occurs the ratio* will be at 100%.  The new assessment will represent what the township believes to be your fair market value. 

What if my assessment is too high?

If you believe the new assessment is too high, you can appeal that value.  During a non-revaluation year, there is a rule called Chapter 123 where the homeowner would need to prove the market value is less than 15% of the assessed value to be successful. In a year of a revaluation this rule does not apply.  Therefore, you can file an appeal if you think your home is worth only 7% (for example) lower than the newly assessed value.   

What if I want to appeal my assessment?

There are some important dates to note.  The first is the window to file an appeal: January 1st to April 1st.  On a revaluation year, the deadline may be extended to May 1st.  The effective date of valuation for the subject property is October 1st, 2023.  It is ideal to use comparable sales that have sold close to that date and not after it to determine the fair market value.

Don’t compare your taxes to your neighbors. 

Here’s a helpful tip for homeowners who want to appeal on their own.  Don’t compare your taxes to your neighbors.  That’s not how the appeal process works, and you will not get any results that way.  You will need to prove a fair market value below the new assessed value using the best comparable sales available.  For the best results, hire an expert who has experience at the Essex County hearings and knows the appeal process well.

If you are successful in the tax appeal with the Maplewood revaluation the town will credit the difference between the overage paid for quarters 1 and 2 of 2024.  The quarterly tax bill will go back to being averaged out over the four quarters for 2024 with the lowered tax amount.

Current potential buyers of real estate – be cautious during the Maplewood Revaluation. 

There are some smart realtors who have noted on their listing comments - taxes subject to change.  I have seen properties that have been under-assessed and show low taxes.  This is likely to change and could significantly affect your monthly payment.

As an experienced appraiser with tax appeals, I am certified and licensed to speak about the comparables and adjustments made in the report to determine the fair market value.  I also show support in my report on how the value was derived, leading to successful results. 

In previous years of revaluations in both Short Hills/Millburn and Westfield for example, we have saved our clients thousands of dollars in annual residential real estate taxes.  Let us know if we can help to lower your real estate taxes. 

Please call us at 908-233-1337 for any your real estate appraisal needs.

Definitions:

Market value – The current value of your home if it were on the open market in a transaction between a willing buyer and seller not under duress. 

Assessed value – The value given for a particular property from the township as of the last township valuation.  This number is typically broken down with a land and improvement value and is used to determine property taxes.

Ratio –The township uses an average ratio which is a fractional relationship to the assessed value.  This is used to calculate what they believe to be the property’s true market value.  This number changes on an annual basis.