Post by admin on Aug 19, 2009 5:49:59 GMT -5
newstranscript.gmnews.com/news/2009/0819/front_page/003.html
Freehold plans to reassess properties
Decline in market values prompts move to assure 'level playing field'
BY CLARE MARIE CELANO Staff Writer
In an effort to "level the playing field" due to a decline in property values, Freehold Borough officials have decided to reassess all properties in town, Borough Administrator Joseph Bellina said.
Bellina said the most important purpose of the reassessment is to get the entire town on a "level playing field again, which has been disproportionate as a result of the plummeting in market values driven by a recessed economy."
He said many residential and commercial property owners in Freehold Borough have appealed their property tax bills as a result of the decline in the economy that has left their properties valued at far less than they were when a revaluation of all of the properties in the borough was done in 2006.
According to Bellina, Freehold had 13 commercial property owners apply to the state for an appeal of their taxes. The borough also had 44 appeals to Monmouth County and 12 of those appeals were submitted by commercial property owners.
Bellina said the planned reassessment will be similar to the complete revaluation of Freehold properties that was conducted in 2006 with one important difference.
"The reassessment will not require an interior inspection" of each property, he said. "Reassessment is a short-handed version of the revaluation to bring about an adjustment in property values and to correct a shift in the market. A revaluation requires updating the tax map as well as inspecting the interior of all borough properties."
He said a revaluation is far more costly and more time-consuming than the planned reassessment will be.
Bellina said the reassessment of Freehold's properties will be performed by Realty Appraisal Company, Englewood Cliffs, which is the same firm that performed the revaluation three years ago.
"They have all the records and documentation done previously for the revaluation," he said, adding that there were quite a lot of appeals made across the board from residents and business owners.
"We believe this reassessment is the most equitable way of equalizing property values to reflect the marketplace," Bellina said.
The administrator said residents will soon receive a letter informing them of the upcoming reassessment and letting them know that credentialed representatives from the appraisal company will be visiting their area to inspect the exterior of the properties.
"We have already received approval from the Monmouth County Tax Board and are waiting for approval from the New Jersey Department of Tax Assessment," Bellina said.
Freehold Borough Councilman Kevin Kane, chairman of the borough's finance committee, told the News Transcript that many people have appealed their property tax bill and he said they are winning their appeals.
"They are appealing their tax bill because market values have declined so much. We believe the only way to level that playing field is to have this reassessment. This reassessment will bring everyone in line together," he said.
Conducting the reassessment will save property owners the $450 cost of filing a tax appeal, Kane said.
Bellina said the reassessment will begin this fall and take several months to complete.
Freehold plans to reassess properties
Decline in market values prompts move to assure 'level playing field'
BY CLARE MARIE CELANO Staff Writer
In an effort to "level the playing field" due to a decline in property values, Freehold Borough officials have decided to reassess all properties in town, Borough Administrator Joseph Bellina said.
Bellina said the most important purpose of the reassessment is to get the entire town on a "level playing field again, which has been disproportionate as a result of the plummeting in market values driven by a recessed economy."
He said many residential and commercial property owners in Freehold Borough have appealed their property tax bills as a result of the decline in the economy that has left their properties valued at far less than they were when a revaluation of all of the properties in the borough was done in 2006.
According to Bellina, Freehold had 13 commercial property owners apply to the state for an appeal of their taxes. The borough also had 44 appeals to Monmouth County and 12 of those appeals were submitted by commercial property owners.
Bellina said the planned reassessment will be similar to the complete revaluation of Freehold properties that was conducted in 2006 with one important difference.
"The reassessment will not require an interior inspection" of each property, he said. "Reassessment is a short-handed version of the revaluation to bring about an adjustment in property values and to correct a shift in the market. A revaluation requires updating the tax map as well as inspecting the interior of all borough properties."
He said a revaluation is far more costly and more time-consuming than the planned reassessment will be.
Bellina said the reassessment of Freehold's properties will be performed by Realty Appraisal Company, Englewood Cliffs, which is the same firm that performed the revaluation three years ago.
"They have all the records and documentation done previously for the revaluation," he said, adding that there were quite a lot of appeals made across the board from residents and business owners.
"We believe this reassessment is the most equitable way of equalizing property values to reflect the marketplace," Bellina said.
The administrator said residents will soon receive a letter informing them of the upcoming reassessment and letting them know that credentialed representatives from the appraisal company will be visiting their area to inspect the exterior of the properties.
"We have already received approval from the Monmouth County Tax Board and are waiting for approval from the New Jersey Department of Tax Assessment," Bellina said.
Freehold Borough Councilman Kevin Kane, chairman of the borough's finance committee, told the News Transcript that many people have appealed their property tax bill and he said they are winning their appeals.
"They are appealing their tax bill because market values have declined so much. We believe the only way to level that playing field is to have this reassessment. This reassessment will bring everyone in line together," he said.
Conducting the reassessment will save property owners the $450 cost of filing a tax appeal, Kane said.
Bellina said the reassessment will begin this fall and take several months to complete.