Hopatcong has started toward a borough property re-evaluation.
The council is expected to approve $300,000 to fund the re-evaluation, which wouldn't count against the 2012 budget, Borough Administrator Robert Elia said. In fact, Elia said, the money would be spread out over payments of $60,000 a year starting 2013.
Elia said Hopatcong hasn't hired a company to perform the re-evaluations yet. During the 2008 re-evaluation the borough employed Certified Valuations Inc., Elia said.
Tax Assessor Therese DePierro said 368 property tax appeals had been filed in Hopatcong as of April 1.
The re-evaluation "should reduce the number of appeals," DePierro said.
Earlier in June, Councilman Michael Francis said the assessed property values of many borough homes don't match their market values.
"It's time to let our people know that we recognize the fact we're a little bit off kilter with some of that stuff and I think people would be more acceptable of our financial problems if we were taxing them at the real value of our homes," he said.