Township may soon begin tax revaluation of area properties

[tax revaluation]

Township may soon begin tax revaluation of area properties.

The township is hoping to begin a full tax revaluation of all property by early 2006.

Cranbury Tax Assessor Steve Benner has completed the bid specifications for commercial and residential revaluations and expects to receive bids from qualified vendors by Oct. 26. Only firms certified to do revaluation projects by the state Division of Taxation are eligible to bid.

The Township Committee is conducting the revaluation, the first since 1986, to head off tax appeals from commercial property owners that could be caused by different assessment rates for residential and commercial properties. Mr. Benner has said that residential property values are rising more quickly than commercial values, though both classes of property are assessed as if their values were rising at a similar rate.

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