When properties drop below true market valve, the municipality is required to do a revaluation. The Borough of Merchantville has not had a revaluation since 1991 and according to the New Jersey Division of taxation records; the average property in the Borough is assessed at only 58% of the market value for 2011.
The goal of a revaluation program is to spread the tax burden throughout a municipality. Real property must be assessed at the same value standard to ensure that every property owner is paying his or her fair share of the property tax. Mayor’s letter.
