Revaluation process to start soon
"The landscape of the city has dramatically changed over the last 10 years so there's no question this is the right time to do it."
The city is gearing up for a property revaluation now that up-to-date tax maps have been completed. New property assessments to calculate tax bills will likely be in effect by January 2014.
“We’re now ready to start the revaluation process,” said city manager Terence Reidy [shown above]. “It’s been a long time coming and I’m very pleased that we’re ready to start it.”
Municipalities undergo revaluations every decade or so to ensure that the assessment of properties for tax purposes align with actual property values.
The revaluation does not increase the total amount in taxes collected citywide. However, it shifts the amount each taxpayer pays depending on how the new value assigned to their property compares with others. In other words, the revaluation shifts the tax burden within the city to reflect current property values. While many tax bills will go up — some significantly — many tax bills will actually go down, if there is no major tax increase.
A municipality does not have a choice in the matter. The requirement to conduct periodic revaluations in a municipality is based on provisions in the New Jersey state constitution. If a municipality does not comply, the county tax assessor will order it to be done.
The process in Asbury Park was slightly held up by the need for new tax maps, which “hadn’t been properly done in decades,” Reidy said. A municipality’s tax maps outline every lot in the city by use — every single-family structure, multi-family structure, commercial space or vacant lot. The tax maps for Asbury Park were completed in March, and the city expects a certified, official copy to arrive at city hall tomorrow.
Up-to-date tax maps “are something the city hasn’t had in decades,” Reidy said, and trying to undergo a revaluation without them can be difficult.
The city’s most recent revaluation was completed in 2002, Reidy said, and most municipalities revalue properties every 10 years, depending on market fluctuation. The current ratio in the city between market value and assessed value is about 30 percent, although there haven’t been many individual tax appeals recently, he said.
Asbury Park has seen quite a bit of fluctuation in the past 10 years due to growth in the business community.
“We’re definitely ready for a reval, because so much has happened since the last one,” Reidy said. “The landscape of the city has dramatically changed over the last 10 years so there’s no question this is the right time to do it.
The process will likely take six to nine months. It should be completed next year, with new tax rates taking effect in January 2014, Reidy said.
