PHOTO: Lakewood Revaluation completed; Property taxes cannot be computed until budgets approved, and 2017 tax rate is established [UPDATED]

revaluationLetters indicating the completion of the Lakewood Revaluation, arrived in mailboxes over the weekend.

Revaluation process was explained in an exclusive video here.



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  1. Ha…one thing we can all be sure of..Taxes are going up!!!! Of course we do know that the money is not being used to repair streets and roads. They are the absolute worst in the area. A total disgrace.

  2. But the key question is what the total reassessed value is as compared to the previous value. If you know that, then you know the impact of the reval on your property. If your assessment increased more than the average then you lose out; if you increased less than the average then you gain. You won’t an exact number until the budget is set – as is the case every year, but you still capture the isolated impact pm the reassessment itself.

    Does anyone have that info?

  3. My assessment went from $499k to $650k. Just about 30% increase. Which, I’m sure, is gonna be right around the average. So, unless they decrease the rate by 30%, post #2 is right, my taxes will be going up. As will urs. And I’m excited about this increase cuz, in exchange, I get smooth roads,prompt snow removal and courtesy busing. I know, right ?

  4. Cool – they provided a worksheet where you can calc new tax, Enter in old and new home value in yellow box and it’ll calc it for you.

    Basically, old rate was 2.93. Since LKWD properties overall went up by 50%, if your value went up by more than 50% you have and increase and less than 50% you have a decrease. Approx new rate will be 1.957 subjest to change based on 2017 budget. In the excel – enter old and new values into the first 2 yellow cells and the rest calculates automatically

  5. Rates seem to have gone up a average of 30%. The tax rate will also go down around 30% from 2.95% to about 1.96% (pending the budget).
    That means things will be just about even this year, or a very minimal increase (for most people.)

    Where Trenton is getting us, is in the next years to come in 2018,2019 ect. In 2018 and onward, they will slowly raise the tax rate to 2.1% 2.3, 2.5, ON THE NEW MARKET RATE, and if we complain to Trenton in 3 years from now, they will simply say that a rate of 2.3, is similar to our neighboring towns (who weren’t reassessed.)

    Had the homes not been reassessed, the rate this year would’ve gone over 3%,and then been at 3.5% in a few years from now, and we would’ve been complaining that we are the only town to pay 3.5 or 4%. So trenton forced us to reassess, so that they shouldn’t need to give us money for bussing and education and to rather squeeze us.

  6. Mr Observer- If you assessment went up 50% then your taxes will probably stay the same.

    Yaakov- 6 Billion to 9 Billion is a 50% increase, not 30%. 3/6

  7. The market value of homes went up. Your assessment is reflecting that. That means that you should be able to sell it for that price. If that’s not correct then fight the reassessed price. If it is correct then you are stuck unless you move.

  8. As evident is the past elections. Lakewood is predominantly republican. One of the strong points of republicans are that we don’t stand for higher taxes. We must let our public officials know that 2017 tax rates must be revenue neutral to 2016. That means overall no higher taxes. We do not want to pay higher taxes finished. And if they won’t listen its time to vote them out.

  9. The property tax is the most infair source of taxes ever assessed.

    Income tax, there is an assumption if you are naking income you can pay it.

    Sales tax, theoretically if you can’t afford it, you can spend less.

    Property tax is just brutal, it can force you to sell your home because of tax increases.

  10. FYI Property values are going to go down across the board. Interest rates were at historical lows to prop up the Obama economy.

    The Fed already signalled a raise, and the mortgage rates have gone up slightly. Expect mortgage rates to be 6%-7% Whithin the next 2 years.

    While still relatively low, that is going to impact how much people can spend on a home.

  11. Thanks for posting the update. It looks like the overall increase in assessed value is 49.7%. So anyone whose assessment increased by more than that rate would go up and anyone whose assessment increased by less would go down – prior to the impact of the 2017 budget and revenue requirements.

    That said, the first year of the reassessment tends to be tricky. Because generally a reassessment is met by a flood of tax appeals. Some of these appeals will successful, and the success of these appeals have the impact of pushing down the aggregate assessed property value, and thus pushing up the rate. So the full story had yet to be told.

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