Homeowners around town should have received the reports of their new 2018 assessed home values by now.
Nearly all assessments in the local area went up as, on average, the town was under assessed by 22%.
(The State Treasury Equalization rate (ratio of assessed value to true value) for Montclair for 2017 was 78.39%, so the assessed values were, on average, 22% below market.)
Just to be clear, the rule of thumb, excluding for budget effects, is the following;
– if your assessment increased less than 22%, your taxes will decrease
– if your assessment increased greater than 22%, your taxes will increase.
Borrowing from an online poll, the above image shows 70 properties that I mapped around the Montclair area whose assessed values increased by more than 25%.
Essentially, I was looking for any concentrations of these properties within specific areas.
I expected to find a concentration of properties with higher assessed values in the South End where homes have been selling at a premium to assessed value.
Instead, I found assessed value increases to be fairly evenly distributed as seen on the map.
What did you find out about your own assessed value?
If you have questions about your assessment or want to appeal, reach out to me to discuss.