Westwood will undergo a revaluation this year, updating property values for 2014, Mayor John Birkner said this week.
The Bergen County Board of Taxation is requiring the borough to have the revaluation done because it has been years since the last one and the economy has shifted in the time since then, according to Birkner.
The change in property values has also prompted a large number of tax appeals. There were 197 appeals in Westwood last year — many of which were successful — according to county tax officials. Appealed property values shifted down by a total of $4.8 million in 2012, records show.
Revaluations in other area towns also contributed to the need for one in Westwood, according to Birkner.
Hillsdale recently completed a revaluation and Washington Township officials also plan to undergo one this year. The township's property taxes are closely linked with Westwood's because of the regional school district.
"It's unfortunately necessary because our neighboring communities have already done it," Birkner said.
Birkner estimated the cost of the revaluation would be in the "six figure range," but they would not have an exact amount until the budget is complete.
Councilwoman Cindy Waneck said at a meeting this week that she expected the large cost of the revaluation would be a burden on the budget.
"I continue to be very, very nervous about our budget," Waneck said.