PROPERTY REVALUATION INFORMATION
Updated June, 2009

The State of New Jersey Division of Taxation, through the Camden County Board of Taxation, has ordered the Borough to complete a property tax revaluation of all real property in the Borough. We have been ordered to do the revaluation in 2009 for the 2010 tax bills. We have to do this in order to comply with the order. Revaluations are typically done every ten years or so because the ratio of fair market value to assessed value has fallen to an unacceptable percentage. Our current ratio is less than 48% which means that the average home in Barrington is assessed at only 48% of the amount homes are actually selling for. The last time we did a revaluation was in 1996. The following are some important points to consider about the revaluation process.

• Revaluations are tax equalization programs. The purpose is to assess each property at 100% of fair market value. This insures that each property owner pays only their fair share of taxes based on the value of the property they own. Fair market value is defined as the price a property will sell for between a willing seller and a willing buyer.
  
  
• The revaluation itself does not raise taxes. The amount to be raised by taxation is driven by the municipal, school and county budgets. It also important to remember that of your property tax bill, only 23.2% is for the municipal budget yet we provide the highest level of services to the residents.
  
  
• It is important to allow the revaluation field inspector into your home. That allows them to complete an actual inspection rather than an estimate and will provide the most accurate assessment. Inspectors will be visiting each home during spring and summer and Saturday appointments can be arranged. If an inspector is unable to perform an actual inspection, the assessor may assess the property at its highest reasonable value.
  
  
• After the new assessments have been determined, each homeowner will be notified by mail of their new assessment and can arrange to meet with a revaluation company representative to discuss or dispute the assessment.