Tenafly to Conduct Property Revaluation Beginning in Early May

            Tenafly has been ordered by the Bergen County Tax Board to conduct a revaluation of all property in the Borough beginning in early May, it was announced by Assessor Carol C. Byrne. 

 “Once the revaluation is completed, all property owners will be notified of the new valuation of their properties.” said Byrne.  “They will then have the opportunity to have an informal review of the value with the appraisal company before it is accepted by the Borough.”

The revaluation, which is expected to take at least five months to complete, is designed to establish the current market value of each property.  Its objective is to ensure that all property owners pay their fare share of the cost of government.

Tenafly has contracted with Reality Appraisal Company to carry out the revaluation.  The firm has more than 50 years of experience in property appraisal and has conducted many revaluations for the Borough.  The most recent was in 2002.

The Borough has 4784 taxable properties with an assessed value of $3,078,316,000 billion.  Revaluations are required when a municipality’s tax rate ratio is below 85 percent.  As of the beginning of the current tax year, Tenafly’s ratio was at 71.90 percent of the real market value of properties.

The revaluation process will require a complete inspection of the interior and exterior of each building and a photograph will be taken of every structure.  Owners of income producing properties will be required to produce data on income and expenses among other information.

Realty Appraisal representatives will carry letters of introduction and a photo IDs.  Residents are advised to ask to see both forms of identification and to not permit anyone who cannot provide the required identification to enter their properties.

A brochure with frequently asked questions regarding a revaluation is being sent to all Tenafly property owners and information is available at www.realtyappraisal.net.   In addition, property owners are welcome to address and questions or concerns to the Assessor at her office during regular Borough Hall hours or by telephone at 201-568-6100, ext. 5532.