Hopatcong residents have been mailed notices of their new property value assessments, which take effect in August, borough Administrator Robert Elia said.
Hopatcong Council voted last year to conduct a full revaluation of all properties in the borough.
While a revaluation was done in 2007, the soft housing market since 2008 created a situation where assessed values of properties are not aligned with the market value, resulting in a sharp increase in tax appeals.
Records show that Hopatcong's total assessed property value fell from $2.037 billion in 2011 to $1.996 billion in 2012.
The borough has 360 tax appeals pending, tax assessor Therese DePierro reported last year.
The owner of a home assessed at the borough average of $313,894 paid $6,524 in taxes in 2011, records show.
Elia said Appraisal Systems, the company that conducted the revaluation will begin holding meetings at the municipal complex to meet with residents about the new value of their properties.
The notice sent by the company detailing the new assessments contained the phone number that residents can call to schedule an appointment, he said.
The company will have representatives on hand beginning Wednesday, Feb. 13, Elia said.
They will hold sessions between 9 a.m. to 9 p.m. weekdays and 9 a.m. to 5 p.m. Saturday and Sunday.
The new assessed values take effect in August, he said.