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[quote="news"]Rise in average property value created tax hike

Taxes may be one of the few things guaranteed in life, but higher taxes came as an unwelcome surprise for many Cranbury residents when they received their tax bill on July 13.

Many homeowners in Cranbury have seen a spike in their taxes due to a township revaluation that was conducted in February. The revaluation, the first in the township since 1986, raised the average property value from $219,439 in 2006 to $673,176 in 2007.

The rise in property value translated to a rise in taxes for some who were surprised at the increase. Others, however, said the revaluation more evenly distributed the tax burden.

Residents living in older homes such as Keith Graydon, of Station Road near the edge of the historic district, said they believed they were hit pretty hard.

Mr. Graydon said his home dates back to the 1850s. His taxes jumped from a little over $4,000 in 2006 to about $6,200 in 2007.

"It's ridiculous," he said. "My taxes went up 50 percent."

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([url=http://www.zwire.com/site/news.cfm?newsid=18660896&BRD=1091&PAG=461&dept_id=425419&rfi=6]more[/url])[/quote]

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