PHILLIPSBURG, N.J. - Phillipsburg Mayor Harry Wyant says over-inflated property values are causing big headaches at the tax office.
"We saw all these tax appeals coming in and the only way to stop the tax appeals and adjust the tax rate okay was to do a reassessment," said Wyant.
Phillipsburg tax officials say 114 property owners appealed this year, depleting the town's $350,000 tax appeals fund.
Wyant says people who successfully appealed ended up paying less than neighbors who weren't able to appeal.
Wyant says Phillipsburg is reassessing the town's real estate to level the paying field for everyone.
"Some folks will be the same, some will be lowered," said Wyant.
Phillipsburg residents say they like the idea of a reassessment.
"I think it's a good idea to reassess them because some of the properties might be higher, some might be lower," said resident Joyce Strauss.
But Wyant says most people's taxes will likely stay the same because once the reassessment is completed, the tax rate will have to be adjusted.
"It takes a certain amount of money to run the government okay and when your total assessment of the town goes down, the tax rate goes up," said Wyant.
New Jersey municipalities collect local, county and school taxes but Wyant says when a taxpayer wins an appeal, it's the municipality that pays the full refund.
He says the reassessment should also lower the amount municipalities pay out.
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