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Englewood Gets Year's Free Pass On Reassessments

Thursday, March 9, 2006

By CAROLYN FEIBEL
STAFF WRITER

ENGLEWOOD -- The city can put off its new property assessments for one year, Mayor Michael Wildes announced Wednesday.

The Bergen County Board of Taxation ruled in favor of the postponement after city officials argued that new ratables would come onto the tax rolls in 2006, relieving the burden on residents, Wildes said.

The new projects include two residential developments on Palisades Avenue: TREECO's Town Centre, a luxury rental complex, and the condominiums of the Group USA II project.

Officials also expect added tax revenue from the Windsor Park condominium complex south of Route 4 and a new downtown parking garage.

The city's revaluation has already been postponed once, after it received an extension from 2002.

Homeowners started receiving new appraisal letters in February, but the new values will now be postponed for one year.
The new revaluation showed that the city's tax base grew from $2 billion in 1994 to $5.2 billion.

The average assessment increased 250 percent.

The new rate will be adjusted to an estimated $1.59 per $100 assessed value, compared with the previous tax rate of $4.02.

Wildes said the inspections would not have to be done over; rather, the assessments might be slightly adjusted according to market formulas.

Reproduced from The Record

Thursday, March 9, 2006

by Michael J. Wildes, Mayor, City of Englewood

2-10 N. Van Brunt Street

Englewood , NJ 07631

201.871.6666

Paid for by Friends of Michael J. Wildes, Claudia Colbert, Treasurer