In 2020 the Bergen County Board of Taxation directed Oakland to undertake a Complete Reassessment Program effective for tax year 2022 and continuing through 2026. We are now entering year 4 of the program. The purpose of this program is to ensure uniform and equitable assessments throughout the municipality, account for recent changes in the real estate market, and reduce future costly tax appeals. The Borough has contracted with Associated Appraisal Group, Inc. to assist in conducting the Reassessment Program.
During 2021, 100% of all properties were inspected to establish the new assessments for Tax Year 2022 (the Base Year). As per NJ Division of Taxation requirements, at least 25% of the Borough’s properties must be reinspected each year over the remainder of the program (2023-2026). Regardless of the percentage of properties inspected in any year over this time frame, ALL properties in the municipality will be reassessed each year to assure current market valuations are maintained.
Regardless of when a property is visited during this 5-yr program, new assessments for 2025 will be determined on ALL properties based on the estimated market value as of October 1, 2024 (the statutory date by law). It is important to note that while only 25% (+/-) of properties are being inspected each year after the base year - ALL properties in town will be re-valued based on recent trends determined from a review of sales and rental activity within the past year. All property owners will be notified by mail of their proposed new assessed values and will have an opportunity to review and/or contest same.
Any inquiries with respect to the inspection and/or valuation procedure should be directed to Associated Appraisal Group, Inc. at (201) 493-8530.
Thank you for your continued cooperation during the reassessment process.
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