The first of five scheduled public presentations to discuss Lawrence Township’s upcoming township-wide property revaluation process will be held by township officials at 7 p.m. this Thursday, Jan. 24, in the Commons of Lawrence High School on Princeton Pike.
The goal of the meetings is to explain the revaluation – which the township has been ordered to do by the Mercer County Board of Taxation – and to answer questions township residents have.
Last September, to Professional Property Appraisers, a Delran-based company that submitted the lowest of five bids the township received for the revaluation work.
At that time, Township Manager Richard Krawczun explained that “the last revaluation conducted in Lawrence Township was 1993, with implementation in tax year 1994. Municipalities are required to have their assessed values equal 100 percent of market value. For year 2012 we are just shy of 50 percent – we are at 49 percent.
“In addition,” he continued then, “the [county board of taxation] will look at sales data of individual properties that deviate from market value to assessed value by more than 15 percent, up or down. And our deviation was as high as over 17 percent. Once you go past the 15 percent threshold it catches the interest of the county board of taxation.”
The revaluation by Professional Property Appraisers will cover all property in Lawrence Township with the exception of Quaker Bridge Mall and its four “anchor” stores (J.C. Penney, Lord & Taylor, Macy’s and Sears).
The revaluation of those properties will be handled by Mark T. Kenney of Lansdale, Pa., who in September was awarded a separate $20,000 professional services contract to do the work because the township wanted to secure the services of a revaluation firm with experience dealing with such large retail establishments.
The new property assessments and corresponding municipal tax rate adjustment that result from the revaluation will not take effect until 2014.
The other revaluation presentations will be held:
- Thursday, Feb. 7, at 7 p.m. at the Lawrenceville Volunteer Fire Co.
- Wednesday, Feb. 13, at 1:30 p.m. at the Lawrence Senior Center
- Thursday, Feb. 21, at 7 p.m. at the Slackwood Volunteer Fire Co.
- Monday, Feb. 25, at 7 p.m. at the Capt. John T. Dempster Fire Service Training Center