The Princeton Fair Tax Revaluation Commission, a group of citizens who are fighting the 2010 revaluation of the Princetons, are preparing to proceed with legal action to challenge what they call unjust assessments.
The group is alleging the revaluation, conducted by Appraisal Systems Incorporated, was flawed and led to inflated land values and deflated home values. This, in turn, has caused smaller homes on small lots to see large increases in their property taxes — some as much as 60 percent increases — and larger homes to loose value and decrease in taxable value.
Residents are puzzled over the skyrocketing of land values, which in some cases went up three or four times and how the assessment company came to the amount of the land value.
”There is enough evidence of failure on the part of ASI and the assessor and the township committee that they deserve to be brought to a conclusion that overcomes the clearly unfair redistribution of the assessment,” said Dick Reichart, a township resident whose assessment went up. He also found irregularities within his neighbors that ranged from 30 percent to 50 percent tax increases.
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