The Truth About Lodi Home Values Since the Revaluation of 2004

Median Sales Price

Lodi NJ
I

I ,8,11 properties I ,8,11 year s

truha

$600K

$475K$400K
$300K . -~.

:;:~
-: ;

$166f<$100K

'-7'

. ... .
__ ~ __ ~~ 2003 2004 2005 __ ~ __ ~~ 2006 2007 2008 __ ~~ 2009 201 0 __ ~ __ ~ __ 201'1 2012 2013

$OK~~ 2000

__ ~~ 2001 2002

o All properties

Record Number of Successful Commercial Tax Appeals

A record number of commercial properties have successfully appealed their assessments, transferring HUNDREDS OF THOUSANDS of the tax burden away from commercial properties and onto residential.

50% tax reduction

---

------~------~-

"In House" Reductions

Lodi tax assessor, George Reggo, has reduced a large number of residential home assessments "in house" without an appeal taking place, a sale taking place, or a physical change to the properties. A clear pattern of favoritism exists with most of these properties belonging to "family and friends" of Lodi politicians or town employees. Many "family and friends" are now under assessed according to real estate websites. George Reggo refused twice to produce this list in response to two OPRA requests. Marcel Wurms, Lodi tax counsel, challenges the tax appeals of nonpolitical Lodi residents. His mother's assessment was reduced $34,000 for 2013. At the July council meeting, nobody in this administration knew how it happened.

'------~~~~.---~--

-------

--~-------

Bergen County Reassessments

Over the last few years, the overwhelming majority of Bergen County towns have called for new town wide reassessments in response to a growing number of tax appeals and the costs associated with them. The clear result was a shift away from the residential tax burden and onto commercial. The clear majority of these towns actually saw a reduction in their MEDIAN RESIDENTIAL TAX BILL. Some ofLodi's neighbors
In 2012, Maywood saw a decrease of -4.1% and Hasbrouck Heights saw a decrease of -3.6%. (Source: Record newspaper) In 2011, Hackensack saw a decrease of -8.1% and Garfield saw a decrease of0.4%. (Source: Record newspaper)

,-------

~-

~---~

----

-~----------

------

__

Jio....__

Denial, False Claims, Manipulation, and Inaction

At the July regular council meeting, this administration claimed there is no reason for a new town wide reassessment because residential values are 95% of what they were at the end of2004. They manipulated the numbers by omitting a very large number of properties from consideration and by allowing their "in house" finagling to influence the ratio. A 95% valuation would correlate to low number of successful tax appeals. The contrary is true in Lodi. A 95% valuation would correlate to a consistent median sale price trend when comparing late 2004 to current 2013. The contrary is true in Lodi.

August 2004 vs. August 2013

At the time the revaluation went into effect, the median residential sale price for Lodi was a little under $400,000. Today, the median residential sale price is around $260,000. The below chart is highlighted by hand.

'--~~~

--~

--

- --

--

--

----~----

~- --~---

-----

MQdian SaIQ PricQ Lodi N.J I .8.11 ~Jopertie~I All yecfs

I

$600K $475~\ . $400K ' $300K $166KV $100K $OK

~~----~--~~--~--~~--~~--~~~~--2005 200E 2007 2008 2009 2010 2011 2012 2013

2)00 2001 2002 2003 20~

o All propertiE