Revaluation

Boro of Mountain Lakes

Project Status (as of January 21, 2021)
As indicated in our letter dated October 8, 2020, a reassessment of all real estate property in the Borough of Mountain Lakes is being undertaken to ensure uniform and equitable assessments. The reassessment has been completed in accordance with the rules and regulations mandated by the State of New Jersey. Appraisal Systems Inc. (ASI) has made a complete analysis of all recent market data in order to accomplish this task and to determine the value of all properties as of October 1, 2020.

It is our opinion that this 2021 assessed value is reflective of the fair market value of your property as of October 1, 2020 (the statutory assessment date for the 2021 tax year). Please do not apply the 2020 tax rate to this new assessed value. Since the aggregate value of the assessments in Mountain Lakes has increased for use in the 2021 tax year resulting from the reassessment, the tax rate will be adjusted accordingly. The actual property taxes for the 2021 tax year cannot be computed until the County, School, and Municipal budgets are approved and the new 2021 tax rate is established in the summer of 2021.

Any property owner who wishes to dispute the 2021 assessed value may file an appeal with the Morris County Board of Taxation. Appeal forms and instructions can be obtained from the Morris County Board of Taxation located at the Records & Administration Building, Court Street, Morristown, NJ 07960, or by using the link below.

https://www.state.nj.us/treasury/taxation/pdf/other_forms/lpt/petappl.pdf

Please note that appeals must be received (not merely postmarked) by the Morris County Board of Taxation on or before May 1, 2021.

Thank you for your cooperation during the reassessment process.

Introductory Materials
Mountain Lakes Intro Letter (pdf file)
Reassessment Brochure (pdf file)

Tax Impact
Mountain Lakes Tax Worksheet Final (pdf file)
Mountain Lakes Tax Worksheet Final (xlsx file)
Tax Impact Study Final 1-21-21 (pdf file)

Neighborhood Map
Mountain Lakes Preliminary NBHD Map (pdf file)

Sales Reports
Mountain Lakes List of 2019-2020 Sales (xlsx file)

Assessment Lists
2021 Final Residential Assessments (xlsx file)

Definitions and Codes
Non Usable Sales Codes and Definitions (pdf file)
Property Record Card Explanation (pdf file)
Sample Property Record Card (pdf file)