Morristown reappraisal is nothing to fear

So, what does this truly mean? First and foremost, it does not mean that your tax bill will increase by 40 percent. The fear is that home values increase through the reappraisal process the amount of taxes owed will increase as well. This is a common assumption that is untrue. In fact, it’s quite the contrary.

Two facts to keep in mind. First, the amount of money that needs to be raised by taxes remains unchanged. Second, the tax rate is a function of the total value of the grand list. Putting the two together, as the home value increases the tax rate decreases to achieve the same goal.

It is important to bear in mind that if a property owner has made improvements to their property, such as building a garage, addition or other outbuilding, these would be factors that could lead to an increase in your property tax bill.

The appraisal company will offer taxpayers time in June to ask questions about the new appraised values and there will be specific dates and times when official grievance hearings will be held. The dates and locations will be in the packet property owners receive.

There is always initial fear when reappraisals are published for property owners. It is our desire to reassure taxpayers of the facts as we move through this process.

Chris Palermo

Morristown Selectboard