By Catherine Wilde
Staff Writer
April 15, 2008

The value of all properties in Old Tappan will be reassessed next year at the behest of the county, said Borough Administrator Patrick O’Brien.

"Every so often the values of the current market value and the assessed values vary enough that the county orders the town to reassess itself to become current," he said.

O’Brien added that the borough’s last revaluation was in 2001. He said the revaluation does not allow the town to collect more in taxes. Instead it ensures that property owners are paying their fair share of taxes based on the worth of the lot.

"The town will not collect more taxes than what is already appropriated. Whether the value goes up or down if the municipality collects $10 million in taxes it still collects $10 million, it is just portioned over the whole worth of the town based on how it changes," he said.

Old Tappan has appropriated $140,000 to conduct the revaluation, to be paid out over a five-year time period. This will amount to approximately $22,000 each year.

The contractor is Realty Appraisal Company, out of West New York. O’Brien said the revaluation must be done by October of 2009 and the new evaluation will go into effect the following year.