Monday - Friday
8:00 - 4:30
(201) 768-0167
118 Serpentine Road,
Demarest, NJ 07627
Borough Wide Revaluation / Reassessment
The Bergen County Board of Taxation has ordered Demarest to perform a Borough wide complete property revaluation/reassessment. The Borough hired Appraisal Systems Inc. (“ASI”) to perform the revaluation. Letters outlining the reassessment process were sent to all property owners by ASI. Please do not throw out these letters because they should be retained throughout the revaluation process should you have any questions. As noted in the ASI letter, all representatives of ASI who will be performing the external and internal property inspections over the coming months will carry photo identification and their names will be registered with the Demarest Police Department. If you have any questions or concerns regarding the inspection process, please feel free to contact ASI directly at (201) 493-8530. General reassessment information can also be found on the ASI website at www.asinj.com.
A little background on the order from the County Board of Taxation for Demarest to perform this complete property reassessment/revaluation. This is done when a municipality’s town-wide valuation drops below an 85% threshold to the current market. Given the market’s upward movement over the last 4 years, almost half of the 70 Bergen County towns received this same order from the County and will be performing a revaluation.
A property tax revaluation is a “net neutral” overall tax impact to the Borough. The new property valuations will create a new Net Value Taxable (“NVT”) for the Borough as a whole and the property tax rate will be adjusted down by the same percentage as the new Net Value Taxable goes up. For example, if the total sum of all the new property assessed values (new NVT) are 15% higher than the total NVT prior to the revaluation, the tax rate will decrease by 15%. This produces the same tax dollars to the Borough when multiplying the new higher NVT times the new lower tax rate. While this is net neutral as a whole for the Borough, individual properties will see different impacts to their property tax amounts depending on their individual property change compared to the Borough average. We anticipate this revaluation process to be completed and take effect with the third quarter property tax bill in 2025.
Justin Brennan - Field Inspector Information
Jason Mohren - Field Inspector Information