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Property owners receive new Tax Assessment postcards

Over the past several days Palmyra property owners received a Notice of Property Tax Assessment for 2013 postcard in the mail from the Burlington County Board of Taxation.  It’s a simple white postcard, which was mailed to every property owner and includes important information regarding the newly assessed value of your home, business or other property.

On the postcard you should note the 2013 Assessment Total, and compare it to the 2012 Assessment Total.  For most property owners the value of their home or business property increased substantially.  This is to be expected given that the last revaluation of property values in Palmyra occurred almost 20 years ago.  But, that doesn’t mean you’re going to be paying more in property taxes!

What you should be mindful of is that the Tax Rate for 2013 has changed too.  In 2012 the Tax Rate was $5.021 per every $100 of assessed valuation of your home.  The Tax Rate for 2013 however is now $3.264 per every $100 of assessed valuation.

For instance, if your home was assessed at $100,000 in 2012 you paid $5021.00 in property taxes ($5.021/100 x $100,000 = $5,021).

Now, let’s assume your 2013 Tax Assessment increased the value of your home to $150,000.  The taxes you would have paid in 2012 based on that new assessment of $150,000 (and using the new Tax Rate) would only have been $4896.00 ($3.264/100 x $150,000 = $4,896).  Even though your property value increased by $50,000 your taxes paid would be less!

Try it yourself.  First look at your 2012 Assessment Total and multiply the amount shown by .05021 ($5.021 divided by 100).  That amount will equal the Net Property Taxes Billed for 2012 shown on the postcard to the left.  Then find the 2013 Assessment Total and multiply that amount by .03264 ($3.264 divided by 100).  The answer equals what you would have paid in 2012 based on your new 2013 Tax Assessment.

It’s important to note that revaluations (reassessments) are revenue neutral, meaning it does not raise additional tax revenue – it only redistributes where the revenue comes from based on property values.  Of all the properties in Palmyra, about 1/3 will pay less based on their new Tax Assessment and the new Tax Rate, 1/3 will pay more, and 1/3 will pay about the same.

It should also be noted that the current 2013 Tax Rate of $3.264 will probably change as Borough Council, the Palmyra Board of Education, and the Burlington County Freeholders, each adopt their respective budgets.  Since the state caps municipal budgets at 2%, any increase related to the Local Purpose Tax would be slight.  The Local Purpose Tax is that portion of your property taxes controlled by the Mayor and Borough Council, which represents only about 30% of your total property tax bill.

If you disagree with the Tax Assessment for 2013 value shown, there are instructions on how to appeal it on the back of the postcard.  Your appeal will be heard by the Burlington County Board of Taxation and must be filed by May 1, 2013. You can also pick up the necessary documents in the Borough of Palmyra Tax Office located in Borough Hall.  Tax appeal forms, instructions and “A Guide to Tax Appeal Hearings” may also be obtained at:

http://www.state.nj.us/treasury/taxation/pdf/other_forms/lpt/petappl.pdf