In NJ, there is a state law saying that property values must be assessed at current market value. But, the same legislation says it only has to be done every 10 years. It is a large, expensive undertaking, so towns tend to stretch that out a bit. Wharton seems to have re-assessed at the top of the market. So, the assessments no longer reflect current market value. If there is a 15% difference between fair market value and the assessed value, you can apply for a tax appeal. Although you can do this without a lawyer, I recommend using a lawyer. It must be filed by April 15, and then you will get a date for a hearing, where you and the attorney will present comparable sales showing the fair market value. The tax assessor will defend the assessment, and the commissioner will hear both sides. The appeal may be granted or not.
William, I would start by consulting a professional real estate agent about what comparable sales in Wharton are, and whether you meet the 15% threshold. I'm pretty familiar with Wharton and would be happy to help.