Property owners in Asbury Park who would like to contest the value of their recent home assessments can do so until Jan 15.
This year, city residents experienced their first city-wide revaluation of properties in about a decade. All of the values of individual properties have changed because of the revaluation.
In the past, revaluations took place every 10 to 15 years, which can cause significant changes in the amount individual homeowners pay in taxes since market conditions can change over such a large time span. A revaluation adjusts all properties to their full current value for tax assessment purposes.
Whether a property owner will see an increase or decrease in the actual taxes they pay depends on how their property values increased compared to others in the city. Overall, property values approximately tripled. If a property’s value more than tripled, it could see a tax increase. If it went up less than that, there could be a tax decrease.
Due to the Assessment Demonstration Program, which is now in effect for Monmouth County, a more regular assessment process will take place to prevent major spikes in property values. Instead of going a decade or more in revaluing properties, the entire city will now be reassessed on an annual basis. Recent market transactions will be used to determine value. In order to be sure all properties’ individual data is accurate, the city will conduct an annual inspection of every property over a five year period, with roughly 20 percent of properties inspected yearly.
As in the past, every property owner will be afforded the opportunity to appeal their assessment on an annual basis.
Appeals may be filed electronically, click here to access the website. Paper forms are also available through the county tax board or assessor’s office, however, if a paper appeal is filed with the county tax board, one copy of the appeal must also be provided to the municipal tax assessor, Erick Aguiar, and one copy to the municipal clerk, Stephen M. Kay. Jan. 15 is the deadline to file an appeal.
Hearings will be held Monday through Friday between 9 a.m. and 5 p.m. from Jan. 15 to April 30. A minimum of three, but not more than five, comparable sales must be provided at least seven days before the hearing if they are not included in the initial appeal.
Separate appeals must be filed for each taxed piece of land unless prior approval has already been given by the County Tax Administrator.
For more information and a list of frequently asked questions, visit the county website.
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