MIDDLETOWN, NJ – Middletown is gearing up for an expedited tax reassessment with the goal of bringing property values in line with current market values. The Monmouth County Tax Board has approved the application for reassessment and is now pending approval by the state Division of Taxation.
“We are adamant that people’s property taxes be based only on the actual value of their house at the present time, not the inflated values of the past,” said Mayor Gerry Scharfenberger. “We are going to expedite the reassessment process as quickly as possible to give those whose houses are overvalued relief as soon as possible.”
A reassessment, which is conducted by the Tax Assessor’s office, uses existing data to appraise all or a substantial portion of the land within a municipality. A reassessment is much less expensive and time-consuming than the recent revaluation, which involved visual inspection and detailed analysis of all township properties by a state-approved realty appraisal firm.
“In these tough economic times, homeowners should have the fairest and most accurate assessment of their property values. We believe that this reassessment will ensure an accurate assessment and will save result in significant long term savings for the Township by substantially reducing the number and magnitude of tax appeals,” Scharfenberger said.
Revaluations and reassessments are designed to redistribute the existing tax levy among property owners more fairly based upon the true value of their property. All property, whether residential or commercial, vacant or occupied, are assessed at the same time to insure property owners are paying their fair share of the property tax. Neither a revaluation nor a reassessment result in additional tax revenue for a municipality, in that they merely redistribute taxes already being paid and are thus revenue neutral. Two properties having essentially the same market value should be paying approximately the same in property taxes.