Little Egg Harbor Property Taxes Reassessment or Revaluation?
Little Egg Harbor officials have been discussing a possible revaluation or reassessment of all Township properties for months, now the Ocean County Board of Taxation wants officials to act.
The Ocean County Tax Board has notified Little Egg Harbor Township that an order of revaluation could come later this year as a result of a continued decline in property values.
What this means, according to the Little Egg Harbor Tax Assessor, is that the county can order a revaluation or the town can voluntarily do a reassessment.
Revaluations are comprehensive and done by a third-party firm. Reassessments are often done by municipal staff and can be done completely or partially. They are often less expensive than revaluations.
Another option being discussed is a combination of the two.
Super storm Sandy damage has also affected these discussions.
According to officials, before Sandy a township-wide reassessment would have been an exterior inspection only. But with 4,000 homes damaged by the storm, interior inspections will be needed on those properties.
Tax ratables in Little Egg Harbor dropped $54 million due to Sandy. Little Egg Harbor's Tax Assessor says that is three times more than lost in tax appeals last year.
If you'd like information on the Little Egg Harbor real estate market, contact Little Egg Harbor REALTOR® Laura Giannotta at 609-384-6121.