If you live in the northern Monmouth County Bayshore region or other coastal area in or around our state, you better start preparing yourself for the next big hit from Hurricane Sandy.
It doesn't matter whether or not you or your home were directly impacted by the storm or not. What matters is that if you happen to live in a town that was impacted by Sandy, you can expect your local property taxes to go up, WAY UP, this year as municipalities start putting together their budgets.
Due to the damage inflict on local residences and business as a result of Hurricane Sandy, many have lost a significant portion of their value while others will never be rebuilt. As a result, revenue generated by local property taxes will be significantly down for the foreseeable future, which means you will pay more to your town hall.
In Middletown, hundreds of properties in North Middletown, Port Monmouth, Belford and Leonardo were damaged and rendered uninhabitable (and may never be habitable again). Middletown still needs to generate roughly $45 million worth of revenues through local property tax assessments even though home values are no longer as high as they once were. Therefore, you can expect a huge increase in the tax rate to offset the loss of revenues created by the aftermath of Sandy.
So don't expect to hear much about trying to maintain that 2% cap on property taxes this year because it aint gonna happen.
The New York Times has an article on this today: Towns’ Next Hit From Hurricane Is to Tax Revenue
Showing posts with label tax assessment. Show all posts
Showing posts with label tax assessment. Show all posts
Friday, January 25, 2013
Monday, January 7, 2013
Jan. 9th Last Day To Request Re-Assessment For Storm Damage
By Linda Baum
Property owners have through January 9th to notify the local tax assessor or county tax board either in writing or by using an online application at the county website to file for re-assessment of storm-damaged buildings.
The online form is available here: http://oprs.co.monmouth.nj.us/DRPortal/Home.aspx.
There is a note on the top of that web page that says the portal will close for submissions on January 9th. January 10th, however, is the date that has been widely circulated in the media as the deadline. I called the Monmouth County Tax Board (732-431-7404) to check.
Monmouth County Tax Administrator Matthew Clark advised that the statute actually says that notice must be provided “prior to January 10th”, which makes Wednesday, the 9th the last day. Given the confusion about the deadline, I asked how written notice received on the 10th would be handled. Mr. Clark said that decisions would be made on a case by case basis.
A staffer at the Middletown Tax Assessor’s office said that at this point they feel that most applications have been submitted, such that late filing is not expected to be a significant issue.
In addition to the county’s online form, the Middletown Tax Assessor’s office has advised that an email will also suffice as written notice. You can email the Middletown Tax Assessor using the following link on the Township’s website: http://www.middletownnj.org/content/contact-us.html?contact=Tax%20Assessment. Include name, address, and phone, and also block & lot number if you have them handy. Also, it’s a good idea to request a brief reply to confirm timely receipt of your email. The phone number for the Middletown Tax Assessor is 732-615-2089.
Re-assessment is for the 2013 tax year for properties that remain significantly damaged beyond January 1st.
Property owners have through January 9th to notify the local tax assessor or county tax board either in writing or by using an online application at the county website to file for re-assessment of storm-damaged buildings.
The online form is available here: http://oprs.co.monmouth.nj.us/DRPortal/Home.aspx.
There is a note on the top of that web page that says the portal will close for submissions on January 9th. January 10th, however, is the date that has been widely circulated in the media as the deadline. I called the Monmouth County Tax Board (732-431-7404) to check.
Monmouth County Tax Administrator Matthew Clark advised that the statute actually says that notice must be provided “prior to January 10th”, which makes Wednesday, the 9th the last day. Given the confusion about the deadline, I asked how written notice received on the 10th would be handled. Mr. Clark said that decisions would be made on a case by case basis.
A staffer at the Middletown Tax Assessor’s office said that at this point they feel that most applications have been submitted, such that late filing is not expected to be a significant issue.
In addition to the county’s online form, the Middletown Tax Assessor’s office has advised that an email will also suffice as written notice. You can email the Middletown Tax Assessor using the following link on the Township’s website: http://www.middletownnj.org/content/contact-us.html?contact=Tax%20Assessment. Include name, address, and phone, and also block & lot number if you have them handy. Also, it’s a good idea to request a brief reply to confirm timely receipt of your email. The phone number for the Middletown Tax Assessor is 732-615-2089.
Re-assessment is for the 2013 tax year for properties that remain significantly damaged beyond January 1st.
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