Why did Hopewell Township conduct a revaluation?
In 2004, the Mercer County Board of Taxation ordered Hopewell Township to conduct a revaluation. The revaluation was mandated to establish a fair market value for every real property in Hopewell Township, including residences, commercial properties, farms, and vacant land. Under state law, the County Tax Administrator and the County Board of Taxation administer the tax laws, and in this case, they ordered Hopewell Township, Hopewell Borough and Pennington Borough, all participants in the Hopewell Valley Regional School District, to conduct revaluations at the same time. The County Board of Taxation monitors statistics to determine how closely property tax valuations in each town track changes in market real estate prices, and in our case, they judged that the gap had grown too large. Hopewell Township is bound by state law to follow the directives of the County Board of Taxation. How did the revaluation company, Certified Valuations, determine assessments for residences? Each home was
