The borough’s tax assessor, James Enino, elaborated on the reassessment program, a significant undertaking that involves a six-year process mandated by the Division of Taxation through the Bergen County Board of Taxation. This reassessment, initially scheduled for 2019 but delayed due to the pandemic, will see all properties in River Edge, both commercial and residential, reassessed in the first year for 2025. Following this, 20% of homes will be reassessed annually. Enino emphasized the importance of accurate assessments, noting that this is the first full inspection since 2004, as previous evaluations were based solely on permit inspections.

Enino highlighted the competitive selection of Appraisal Systems, a New Jersey-based company tasked with the reassessment process, citing their exemplary customer service. The goal is to ensure precise assessments and avoid discrepancies, particularly with property features that may not currently align with assessments. Virtual inspections via video conferencing are available for residents unable to accommodate in-person visits.

Enino warned of the potential for residents to overlook the assessment notification letters, which will be sent in January 2025, due to the busy holiday season. These letters will detail the new assessed values and projected tax rates, calculated before budget increases, with final tax rates available in July. He explained the reassessment methodology, which relies on square footage rather than the number of bedrooms, and incorporates a detailed reconstruction of property data.

The rationale behind property value fluctuations was discussed, with Enino noting that changes may result from neighborhood developments, previous assessment inaccuracies, or home improvements. Approximately 20% of properties may see a decrease in assessed value, another 20% might experience an increase, and the remainder will likely stabilize. Techniques like the “land residual technique,” which assesses land value based on sales data, were also discussed, emphasizing accurate assessments for fair taxation and community planning.

Enino underscored the need for residents to maintain communication with the appraisal company and participate in the appeal process if disagreements arise. The discussion touched on the confusion that might arise from residents comparing sales prices to assessments, stressing the importance of understanding the 100% sale versus assessment ratio over the next six years for property tax equity.

Attention then turned to a bond ordinance aimed at funding the first phase of sanitary sewer replacements on Kak Road. The ordinance appropriates $188,000, with a portion funded by a Community Development Block Grant. The urgency of passing this ordinance was underscored by a new federal deadline requiring project completion by June 30. Clarifications were made regarding the road’s ownership, noting that while the sewer infrastructure is the responsibility of the borough, the road itself is a county road, necessitating coordination with county officials.

The council moved forward with the first reading of the ordinance.

Additionally, the council addressed the reliability of property assessment data from online platforms like Zillow. Concerns were raised about the discrepancies between Zillow’s listings and formal property assessments, with one individual citing a personal experience of inaccurate representation. It was clarified that while such platforms might offer a general market value sense, they are not admissible in tax appeal hearings and should not be relied upon for formal assessments.

The meeting also included a discussion on tax relief programs for seniors, particularly the senior freeze program, which allows eligible seniors to receive rebates on increased taxes based on previous years’ payments. Eligibility criteria were outlined, and residents were encouraged to seek assistance if interested.