ORANGE - Residents in some northern New Jersey towns are having their property values reassessed for the first time since the economic crisis.
Orange Mayor Eldridge Hawkins recently won approval from the City Council to start the re-evaluations citywide. Orange is one of 20 northern New Jersey towns doing re-evaluations, citing many homes that are taxed at pre-recession levels despite the economic downturn. The cost for the reassessments in Orange will be shouldered by taxpayers at an average of $10 per year over the next five years.
Officials hope the reassessments will help homeowners pay their taxes and possibly sell their homes.