M-SO Message Board: "Revaluation Relief Act of 1993"

M-SO Message Board » The Attic (1999-2002) » Maplewood Reval » "Revaluation Relief Act of 1993"

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Lseltzer

Posted on Wednesday, January 17, 2001 - 8:36 am:

The Star Ledger article today (http://www.nj.com/njcommunities/ledger/essex/index.ssf?/njcommunities/ledger/essex/120f1eb.html) makes reference to a law called the "Revaluation Relief Act of 1993." Mayor DeLuca is quoted in the article as doubting that the law applies to our situation and as being concerned about some constitutional issues.

The law itself may be found at (I hope this URL works): http://www.njleg.state.nj.us/cgi-bin/om_isapi.dll?Depth=2&advquery=Revaluation%20Relief%20Act&depth=4&expandheadings=on&headingswithhits=on&hitsperheading=on&infobase=statutes.nfo&record={14915}&softpage=Doc_Frame_PG42&wordsaroundhits=10&zz=

I haven't read the law yet, but another reference I have (http://www.vertexinc.com/taxcybrary20/WPTX/STATES/RR_NewJersey.asp) indicates that the purpose of the law was "authorizing municipalities to phase-in revaluation relief credits for increases resulting from revaluation of property located in areas in need of rehabilitation over a three-year period." It looks like this law was meant for Camden and Newark, not Euclid Ave.

Nohero

Posted on Wednesday, January 17, 2001 - 9:09 am:

Although the Act does recognize the problems created when a revaluation causes a significant increase for some property owners (N.J.S.A. 54:1-35.40(e)):

Quote:
While revaluations are thus necessary to maintain tax equity, they generally result in shocking, immediate increases in individual property tax bills, which severely strain the financial resources of many property owners, particularly homeowners, and which threaten the stability and viability of long-standing neighborhoods and communities which are often already in need of rehabilitation.

The Act also states that its provisions apply to "areas determined to be in need of rehabilitation" (54:1-35.40(f)):

Quote:
It is, therefore, incumbent upon the Legislature, as a compelling public purpose and a matter of the general public welfare, to provide municipalities with the authority to mitigate this fiscal shock by phasing in tax increases in areas determined to be in need of rehabilitation, thus maintaining the stability and viability of those neighborhoods and communities, while encouraging those governing bodies to conduct revaluations.

Obviously, the incorrect evaluations need to be corrected. That's what I heard the governing body say they would pursue.

Administration