NJ Town Tries To Do Something About Real Estate Slump
ORANGE, NJ (WCBS 880) – In northern New Jersey, there’s an effort to turn around the real estate market.
LISTEN: WCBS 880′s John Metaxas reports
If you drive around some neighborhoods in Orange, you see for sale signs on boarded up homes, signs of the real estate slump and a depressed local economy.
They’re trying to do something about that, as WCBS 880′s John Metaxas reports.
Last week, the town approved funding for property reassessments.
Orange is just one of about 20 northern New Jersey municipalities to do that.
Despite the real estate bust, many people are still being taxed at inflated pre-recession levels.
Orange last valued its real estate in 2006 and they want to bring property taxes more in line with current market levels.
Says Orange mayor Eldrige Hawkins, people should pay their fair share, but not more.