Moorestown's reassessment has already "borne fruit," according to one township official.
Tax assessor Dennis DeKlerk said appeals have dropped about 60 percent from last year, when the township lost nearly $1.5 million in revenue due to tax appeals.
The township is now in the formal review period following reassessment. DeKlerk said only 148 properties have been appealed to the Burlington County Board of Taxation—out of 7,300 total properties in the township. The deadline to file an appeal was May 1.
"I'm very gratified," said DeKlerk.
The board of taxation is scheduled to begin hearing appeals on July 13, according to DeKlerk.
Mayor Stacey Jordan was also pleased, suggesting the results of the reassessment "speak for themselves."
"People's assessments are now more in line with what the economy says they're worth," she added. "It was needed. Frankly, we should've done it a lot sooner."
Jordan said the drop in appeals, which is , will make planning for future budgets much more predictable.
Of course, the reassessment wasn't all good news. The results showed —from $4.7 billion at the time of the last revaluation in 2008 to $3.9 billion today.
(Click on the attached PDF to see the numbers in more detail.)
Property owners will receive tax bills reflecting their new assessments beginning in 2014.