Your house is worth HOW much?

" In searching for the truth be ready for the unexpected." --Heraklietos of Ephesos

So Realty Appraisal Corp, of West New York, NJ, has completed their evaluations of Matawan properties, sent out the re-val letters, and is meeting with property owners who disagree with the assessment and would like to appeal, as well as property owners who just want some help in demystifying the assessment process, or clarifying what the new property valuation means to them. Here's how it breaks down.

The town's preliminary assessment is 2.4 times that of what it was prior to the new valuations. So if your home has increased in value as a result of the re-val less than 2.4 times, your taxes will not go up as a result of the revaluation process, but will in fact be less. Of course, even if the town also doesn't raise taxes this year, you'll still see an increase due to the reckless spending of the school boards, which is the single biggest problem for every single Matawan and Aberdeen resident, not the councils and their spending. But that's another post.

If your assessment increased by that 2.4 times number, then the re-val process will have little to no effect on your taxes, again, absent other criteria like the school budget.

If your assessment increased by more than 2.4 times, then the re-val process will indeed translate to an increase in your taxes, this in addition to any tax increases coming our way from the fiscally irresponsible school board.

Examples:

• Your property was assessed at $100,000 and is now assessed at $220,000. You've more than doubled and are likely nervous. In fact you have only increased 2.2 times vs. the town's aggregate 2.4 times, so you'll more than likely see a reduction in taxes based on your assessment.
• You property was assessed at $250,000 and is now assessed at $600,000, a big increase to be sure. But it is only 2.4 times, putting you right in line with the town, thus you'll see little or no increase in your taxes based on your assessment.
• Your property was assessed at $135,000 and is now assessed at $365,000. You have an increase of about 2.7 times, this vs. the town's 2.4 times average increase means you'll likely see an increase in taxes, even before new budgets come out from the town and the school board.

Hopes this helps puts some minds at ease, if you need help with the calculations and what it means for you, Truth in Matawan can assist any who request it with their particular numbers, or contact Realty Appraisal Corp at (201) 867-3870.