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 2025 to Tax Year 2027.
body
WHEREAS, the Essex County Board of Taxation (the “Tax Board”) ordered the City of Newark (the “City”) to perform a district-wide revaluation via letter dated March 7, 2019, 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 City continues to work toward preparation of a revaluation to the satisfaction of the County of Essex (the “County”); and
WHEREAS, the City is desirous of an extension of the revaluation from Tax Year 2025 to Tax Year 2027 because of ongoing changes and corrections to the Tax Map and the resignation of the prior Tax Assessor. The extension will 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 2027 during the Essex County Board of Taxation Meeting on September 7, 2023.
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 Newark to complete a municipal-wide revaluation from Tax Year 2025 to Tax Year 2027.
STATEMENT
This Resolution authorizes the City of Newark to request an extension of the City-wide revaluation, currently scheduled for Tax Year 2025 to Tax Year 2027. The extension will allow for an orderly, accurate, and equitable revaluation.