A buyer looking at a River Vale home this fall can see an exact property tax figure on the listing and plug it into a mortgage calculator. That figure comes from an assessment system whose last full revaluation was in 2008. By the 2027 tax year, every property in the township will have a new assessment, and the bill on a given house could move in either direction.
The Township of River Vale announced on June 11, 2026 that it is revaluing all properties for 2027 at the direction of the Bergen County Board of Taxation and the New Jersey Division of Taxation. It hired Appraisal Systems, Inc. for the work, and inspections were scheduled to start the week of June 15. Many people hear "revaluation" and expect higher taxes for everyone. That isn't how the system is built. The township's total levy is set by its budgets, so revaluation mostly changes how that levy is split among owners. And the state's own figures show River Vale's current split has been drifting for years.
Assessments Have Been Falling Behind Market Value Every Year
Every October, the state certifies each town's average ratio of assessed value to true market value. A ratio of 100% would mean assessments match what homes sell for. River Vale's ratio has been dropping fast.
| Tax year the ratio applies to | River Vale average ratio | Common level range |
|---|---|---|
| 2025 | 79.89% | 67.91% to 91.87% |
| 2026 | 72.96% | n/a |
| 2027 | 67.04% | 56.98% to 77.10% |
The state's 2026 Table of Equalized Valuations puts River Vale's aggregate assessed value at $2,321,949,115 and its aggregate true value at $3,463,527,916. In other words, the township's assessment roll covers only about two-thirds of what its property is actually worth.
That gap by itself wouldn't move any one owner's bill. If every home were assessed at exactly 67% of its value, everyone's share of the levy would already be fair, and the tax rate would just be higher to make up for the low base. A low average ratio only becomes a problem for individual owners when homes sit at different points below market value. That's the number to watch.
The Spread Is Widening, and the Spread Is What Moves Bills
The Division of Taxation measures how far individual assessments stray from the town's average ratio with a figure called the coefficient of deviation. A higher number means assessments are less uniform from one home to the next. In the state's assessment uniformity table dated September 17, 2026, River Vale's general coefficient rose from 9.07 in 2024 to 10.67 in 2025 and 11.61 in 2026. The 2026 figure is based on 105 sales, 104 of them residential.
Here is how it works. Since 2008, some River Vale homes have gained more value than the township average and some have gained less. A home that gained more is now assessed at well under 67% of its value. A home that gained less sits closer to its true value. Each owner pays the same rate on their assessment, so the first owner has been paying a smaller share of the levy than their home's value would justify, and the second has been paying a larger one. Revaluation resets every assessment to market value as of a single date and removes that gap.
The appraisal firm's River Vale presentation lists what the County Board weighed in ordering the reassessment: the 2008 date of the last revaluation, an assessment ratio it called "too low," the number of tax appeals, changes in neighborhoods and property conditions, market shifts, and zoning or land-use changes.
Revenue-Neutral by Design, Uneven by Household
The Division of Taxation's revaluation fact sheet gives an example. If a town's total assessments double while it still needs to raise $15 million, its tax rate falls by half, from $2.50 to $1.25 per $100 of assessed value, and total taxes collected stay the same. Ramsey shows what that looks like nearby. Appraisal Systems also ran Ramsey's town-wide reassessment, which took effect for tax year 2025. Borough materials report that total assessed value rose 42% and the tax rate fell 42% to keep revenue neutral. Ramsey also cautioned that individual bills could still change because of new assessments and because the school district, borough, county, and library each set their own budgets.
To see what that means in River Vale, take the township's estimated 2026 combined rate of $2.863 per $100 and its estimated total levy of $66,486,520.46. Both were estimates when the council adopted them on June 8, because Bergen County had not yet certified the rate. Spread that levy over the state's $3.46 billion true value instead of the $2.32 billion assessed value, and the rate falls to about $1.92 per $100. The example below holds the levy at its 2026 level. It is not a forecast for 2027 or for any specific house.
| Hypothetical home | Assessed today | Est. 2026 tax at $2.863 | Market value | Tax at ~$1.92 on market value | Change |
|---|---|---|---|---|---|
| Gained about the town average | $600,000 | about $17,180 | about $895,000 | about $17,180 | roughly none |
| Gained more than average | $600,000 | about $17,180 | $1,000,000 | about $19,200 | up about $2,000 |
| Gained less than average | $600,000 | about $17,180 | $800,000 | about $15,360 | down about $1,800 |
All three homes pay the same tax today because they carry the same assessment. After revaluation, the tax follows market value instead. River Vale's total collection stays the same, and the shares shift between neighbors.
The Dates That Matter Run Through Spring 2027
The schedule matters for anyone listing, buying, or closing between now and May 1, 2027.
- Inspections, from the week of June 15, 2026. Appraisal Systems field representatives visit between 9:30 a.m. and 5 p.m. and carry photo ID on file with the police department. Owners who have concerns can call the police before letting anyone in. Inspectors measure the exterior and record style, quality, and condition. They also note outside factors such as high-traffic streets, high-tension wires, nearby commercial property, and easements.
- Valuation date, October 1, 2026. The 2027 assessments estimate market value as of this date. That date has already passed.
- Proposed values by mail. The Appraisal Systems River Vale project page, last updated with a status as of September 25, 2026, says owners will receive proposed values by mail and may question them. It doesn't give a mailing date. According to the firm's presentation, mailings "usually occur at the end of the year or early into the next year."
- Informal reviews. These are one-on-one meetings by appointment, usually held at the municipal building, with morning, afternoon, and evening slots Monday through Saturday.
- Formal appeal deadline, May 1, 2027. The Division of Taxation's appeal page says appeals normally must be filed and received by April 1. In a town that has done a revaluation or reassessment, the deadline moves to May 1.
So a home that changes hands this winter could have its first new-value notice arrive in the middle of the transaction. A seller pricing a home now is also pricing it while buyers know a new assessment is coming.
The Rest of the 2027 Bill Is Still Moving
Revaluation sets each owner's share. The size of the total levy is decided separately. River Vale's adopted 2026 municipal budget lists $24,898,675 in general appropriations, up from $23,873,816 in 2025. The amount raised by municipal taxes rose from $15,066,614 to $16,290,035. Before the June hearing, Pascack Press estimated the increase at about $211 a year for a home assessed at $600,000. It pointed to employee health benefits, insurance, and public library funding.
The revaluation also costs money. On July 13, the council adopted a $475,000 special emergency appropriation, with $100,000 for tax maps and $375,000 for the reassessment program. It asked for a $95,000 annual cap exclusion in each of the five budgets starting in 2027. The same meeting awarded D & L Paving Contractors a $1,037,848.90 contract for the 2026 road resurfacing program. That program includes striping at Rivervale Road and Prospect Avenue and storm-drain work on Allison Drive.
Sales prices across the region help explain why assessments keep slipping behind. In the NJ REALTORS September 2026 report for the Bergen and Hudson reporting area that includes River Vale, single-family homes sold for a median $825,000 and 103.2% of list price, with a median of 34 days on market. Townhouses and condos had a median of $522,500 at 99.4% of list. Those are regional numbers, not River Vale's own. They do show a market where homes sell above asking, while a 2008-based assessment roll falls further behind each year.
For a buyer, a better question than "what are the taxes?" is how a home's current assessment compares with what it would sell for today. For a long-time owner, that same comparison is the main clue to whether the 2027 bill is likely to go up or down. Our River Vale neighborhood page and seller resources explain how we approach pricing in town.
FAQ
Will everyone's taxes go up because of the revaluation? The state's model is revenue-neutral. As assessments rise, the rate falls, and total collections stay the same. Individual bills can still go up or down depending on how much each home gained since 2008 compared with the rest of the town, and on the 2027 municipal, school, county, and library budgets.
What date is the new assessment based on? October 1, 2026, according to the Appraisal Systems introductory letter for River Vale.
Where can I check the project's progress? The Appraisal Systems River Vale project page posts status updates, and the township's notice links to it.
This post is general information about how New Jersey's revaluation process works. It is not legal, tax, or financial advice. Confirm your own assessment, appeal options, and budget with your tax professional, attorney, or lender.
If you're buying or selling in River Vale before the 2027 values arrive, I can help you compare a home's current assessment with what it would sell for today, so you can see whether its tax bill is likely to rise or fall before you commit. Jacqueline Vasquez offers a home valuation or a buyer consultation.