As of October 1,2001, Teaneck had a total of 11,711 taxable real properties with an aggregate assessable value of $2,574,482,300. This represents a net increase of $3,031,000 over the aggregate assessable value of real property for the prior year. With the addition of taxable business property, the net valuation taxable was $2,578,547,420 for 2002. This represents an increase of $2,903,536 relative to the 2001 net valuation taxable. (The value of taxable business property as reported by Verizon Communications decreased between 2001 and 2002.)
The following breakdown by property class is observed for real property in 2002;
|Property Type||# of Parcels||% of Total #||% of Ass'd Value|
|1-4 Family Res.||11,106||94.83||84.35|
In addition to taxable real properties, Teaneck has a total of 321 exempt properties which include schools, municipal properties, houses of worship, parsonages, charitable properties, and hospitals.
Due, in part, to escalating property values throughout the region, the number of tax appeals declined once again in 2001. A total of 36 appeals were filed with the Bergen County Board of Taxation during 2001. In contrast, there were 55 filed during 2001, and 216 filed during 1998. Petitions for appeal must be received by the Bergen County Board of Taxation on or before April 1. Tax appeal hearings are scheduled by the County Board of Taxation during the months following receipt of petition. Petitions and instructions for filing are available directly from the County Board of Taxation at (201) 336-6300.
Teaneck is currently under order from the Bergen County Board of Taxation, with the consent of the Division of Taxation, to complete a revaluation of all Township properties. The order was appealed by the town- ship to the N.J. Tax Court in 2000. As of June 2002, the appeal was still pending.
208 added assessments were levied on properties which were renovated, expanded or newly constructed during 2001 and/or late 2000. The total added assessed valuation was $8,295,100 in 2001. This amount is added to the 2002 aggregate assessable value and has the effect of moderating the tax rate.