Homes get new values after townwide reval Residents' new share of property taxes will be revealed this summer BY BRIAN DONAHUE Staff Writer HELMETTA - Borough homes have new assessed values based on a townwide revaluation completed last year. And as a result, many of them will see a change in their share of the property tax burden. Tax bills generated this June or July will reflect the new assessed values as well as the new tax rate, which will decrease considerably, since the assessments have all increased. Though tax amounts for 2007 remain undetermined, the result of the revaluation will have some residents paying more than they would have under the old assessments, and others will be paying less. Mayor Nancy Martin said she has been informed that about one-third of the properties in Helmetta will see an increase in their share of taxes based on the new assessments, while one-third will see a decrease, and one-third will remain about the same. Martin stressed, however, that it is too soon to say what someone will pay in taxes this year because the new school and municipal tax rates are not yet known. The revaluation itself does not change the amount of taxes collected by the town, just how much each property owner pays. "The revaluation is an equitable redistribution of the ratable base and does not generate any new revenue to the borough," Martin said. The new assessments were long overdue, she said, since the last revaluation took place more than 20 years ago. Since that time, new developments such as the Heather Glen condominiums, Sutton Place, Sutton Plaza, Lakeview Commons and Regency Walk have all been constructed. Most real estate in town was being assessed at far less than market value. When the new assessments were mailed to residents recently, homeowners in the 340-unit Heather Glen development learned that theirs grew by leaps and bounds. Elaine Shinbrot received a notice that her assessment increased from about $51,000 to $211,000. Based on Helmetta's 2006 overall property tax rate of $7.05 per $100 of assessed valuation, she paid $3,595 in taxes last year. Using the new assessed value, the rate would have dropped to $1.83 and she would have paid $3,861. Shinbrot said she does not object to the revaluation or the higher portion of the tax burden she's been given, but said she would have liked to have known what to expect earlier on. She and other residents learned their assessment had increased by some 400 percent and wondered what it meant for their taxes. "I would have appreciated hearing more about it at the time," she said. Martin said the borough distributed literature about the revaluation last year and residents had the opportunity to ask questions at meetings or speak with officials. She noted that any resident who has questions could call her at (732) 521-2021 or borough Tax Assessor Ken Pacera, who is available Thursdays from 5 to 7 p.m. at (732) 521-4946. She said the next newsletter, being mailed this month, will remind residents of the revaluation and prepare them for the change. Martin noted that local taxes have been dramatically affected in recent years by the lack of an increase in state aid for the school budget. While the school budget rose to nearly $3 million, state aid has remained at $819,000. Residents will find out their new tax amounts when they receive their summer tax bills. The first half of 2007 is being billed on the 2006 tax rate and assessment. When the bill arrives for the second half of the year this summer, it will reflect the new tax rate, new assessed valuation, and the pro rata difference for the first six months of 2007. "At this time we don't know what the tax impact will be for 2007," Martin said. "There is a lot going on at the state level and although the municipality does everything in their power to keep taxes down, there are many mandated items in our budget we have no control over. We sit on pins and needles waiting for the news of our school budget and how Helmetta is going to be affected by the state's extraordinary aid program."