Hybrid Reassessment Approved For Toms River
With more tax appeals than ever coming in, the Toms River Council is approving a hybrid re-assessment for the entire township.
A unanimous vote at Tuesday’s meeting approved $175,000 in emergency appropriations for the hybrid reassessment.
Township Administrator Paul Shives says they have had over twelve thousand tax appeals in the last three and a half years.
“The only way to really address that is to get the values where they need to be again and get some semblance of reality back into the assessments.”
Shives notes the reevaluation that was done in 2009 was done at the peak of the housing market, and since home prices plummeted needs to accurately reflect the communities.
There won’t be an impact on the tax rate for residents, however Shives says if the assessments go down the tax rate goes up, but as the assessments go down it will level out.
“Taxes are relative only because of the rate versus the assessment” says Shives
He adds the reassessment won’t change the amount residents pay in taxes this year but it will change the apportionment of those taxes going forward.
The term “hybrid” will mean that instead of physically having to inspect each home and business, part of the reassessment will be completed via computer information.
“The State Department of Taxation recognizes that we just had a reevaluation in 2009 our contractors physically inspected every home.”
Shives says getting the reassessment completed will stop the large amount of tax appeals the Township gets annually.
“It’s bleeding the township budget because it robs us of our fund balance or surplus because those appeals are heard after the budget is approved.”
The $175,000 was approved via a special appropriation. Shives explains one hundred thousand of the amount is for a private contractor to assist the Township and the remaining seventy five for commercial appraisals. It will be funded over a three year period in the township budget.
Shives expects it to be complete by the end of the year.