Title
Dept./ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Action: Extension/Rescheduling of Revaluation
Purpose: To move the effective year of the currently ordered revaluation from Tax Year 2023 to Tax Year 2025.
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WHEREAS, by letter dated March 7, 2019, the Essex County Board of Taxation (the “Tax Board”) ordered the City of Newark (the “City”) to perform a district-wide revaluation pursuant to N.J.A.C. 18:12A-1.14, approved by the New Jersey Division of Taxation and effective for Tax Year 2023 based on values as of October 1, 2022; and
WHEREAS, the COVID-19 Pandemic (the “Pandemic”) has significantly and adversely impacted the City’s ability to prepare and perform a revaluation by 2023, especially the practice of in-person, in-home inspections, the attempt and completion of which is a requirement for a revaluation under N.J.A.C. 18:12A-1.14(4)(ii); and
WHEREAS, the City continues to work toward preparing a revaluation to the satisfaction of the County of Essex (the “County”); and
WHEREAS, the City desires to extend the revaluation from Tax Year 2023 to Tax Year 2025 because of issues related to the Pandemic and to allow for an orderly, accurate, and equitable revaluation including the practice of in-person interior inspections and assessment reviews; and
WHEREAS, the Essex County Board of Taxation will vote on the City’s request to extend the municipal-wide revaluation to 2025 during the Essex County Board of Taxation Meeting on July 8, 2021.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The City of Newark hereby requests that the Essex County Board of Taxation enter a resolution extending the deadline for the City of Newark to complete a municipal-wide revaluation from Tax Year 2023 to Tax Year 2025.
STATEMENT
This resolution authorizes the City of Newark to request an extension of the City-wide revaluation, currently scheduled for Tax Year 2023 to Tax Year 2025. The extension will allow for an orderly, accurate, and equitable revaluation.