: Little Egg Harbor Property Taxes Reassessment or Revaluation?

Little Egg Harbor Property Taxes Reassessment or Revaluation?

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 Tax Appeals in Little Egg Harboract.

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.

Little Egg Harbor Sandy storm interior damageSuper 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.

 
 
 
 
  

     
Comment balloon 7 commentsLaura Giannotta • May 03 2013 04:20AM

Comments

Hmmmm....we have had lots of calls when the market fell looking for help in tax appeals...at some point while the value is not the same...that may change the rate...the Little Eggs have to find a way to run the services they supply...what is their proposed alternative ?

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) about 5 years ago

Good morning Laura. This is a thoughtful and complete picture of the process in Little Egg Harbor. Helpful and well written.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 5 years ago

Sally & David - we will be hearing about service cuts I'm sure.  Another post!!!

Sheila - In New Jersey, as you know, all real estate discussions involve property taxes!

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) about 5 years ago

Laura, we went through reassessment the year after the tornadoes came through my area here in Alabama back in April of 2011.  It does take a while for property values to recover after something like that or what you experienced. 

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL) about 5 years ago

As a general statement as to challanging the value of the tax statement...You don't wnat to try and get your value lower if you are going to sell!

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) about 5 years ago

Nick, our last property tax revaluation in Little Egg Harbor was in 2005, at the top of the market!!

William - I think property tax assessments work differently here in NJ.  In New Jersey the amount assessed on the property can, by law, differ greatly from market value.  Also in NJ, tax assessments are not generally updated when a home is sold!!! 

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) about 5 years ago
Laura, I think most of our shore communities are going to face similar challenges.
Posted by Bill and MaryAnn Wagner, Jersey Shore and South Jersey Real Estate (Wagner Real Estate Group) about 5 years ago

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