Here are the facts...

Is the Town-Wide reassessment that began with inspections in 2024 complete or are these new letters and inspections part of that process?

Yes, the reassessment started in 2024 is complete. In 2024, the Borough contracted Appraisal Systems, Inc. to conduct a town-wide property reassessment, which included on-site inspections during 2024. The updated property values were implemented with the 2025 tax year, starting with the third-quarter tax bills.

 

As a result of this reassessment—the first in ten years—the total assessed value of all properties in the Borough increased by 42%. To maintain revenue neutrality for the Borough, the property tax rate was reduced by the same percentage (42%), ensuring that the reassessment itself did not result in increased tax revenue.

 

Please note that any changes in individual property taxes may still occur based on adjustments in assessed value, and the final tax bill also reflects the 2025 budgets for the Board of Education, the Borough, Bergen County, and the Ramsey Library.

 

Why did we receive a letter from Appraisal Systems that our property is being inspected again in 2025?

When the Borough contracted with Appraisal Systems in 2024, in addition to the complete town-wide assessment program just completed, the Borough moved to a future annual reassessment to market program starting with 2026 tax year. In order to move to an annual market adjustment assessment, the State requires that at least 20% of the properties in the Borough be inspected each year.

 

Why did Ramsey switch to this annual revaluation to market program?

This program is designed to ensure fair and consistent property assessments across the municipality, reflecting current real estate market conditions. Many municipalities in Bergen County are now adopting this new annual "revaluation to market" approach.

 

The goal is to keep property assessments closely aligned with market values each year. This helps prevent the large jumps in assessed value that can happen when adjustments aren’t made for many years. For example, during the recent reassessment, the average property value increased by 42% - a significant change caused by a long gap since the last update.

 

By updating assessments annually, the program also helps reduce the number of costly and time-consuming tax appeals, benefiting both property owners and the Borough.

 

Will only those properties being inspected see a change in their property’s assessed value in the tax year after inspection?

No, it is important to note that while only 20% of properties are being inspected each year; all properties in town will be valued annually. Keep in mind, each year the first two quarters of property taxes are based on the actual property taxes of the prior year, so any current year changes in property taxes are only reflected in the third and fourth quarter bills of that year.