By DON STINE
Asbury Park’s city-wide property tax rate will only be about one-third of what it is now in 2014 but, for most property owners, this low figure will not result in their property taxes going down by the same amount.
Property assessment values in Asbury Park have tripled in the last decade, jumping from $416 million to $1.2 billion, which will result in a property tax rate decrease to about a third of what it is now at $5.92 for each $100 of assessed valuation.
But, points out City Tax Assessor Eric Aguilar, the city will still need to raise its annual budget and, even though the tax rate is lower, the new assessments will be higher.
“The city’s ratable base tripled (in the last 10 years) so the city property tax rate should be about one-third of what it is now. But the city still needs to appropriate close to the same amount of money for its 2014 budget and this year’s. All of this means that, while the tax rate goes down, it doesn’t mean that somebody’s tax bill will go down,” he said.
Aguilar said what the revaluation does is divide the tax burden amongst property owners in the city at market value.
“Some people will pay more taxes, some people will pay less, some people will pay the same- but they should not expect their tax bills to dramatically fall like the city tax rate,” he said.
Residents with questions or other property tax issues were given a chance to schedule an appointment with representatives of Realty Appraisal but they can also file a property tax appeal with the county
A city-wide property revaluation in Asbury Park will be completed in time for the 2014 tax year.
A $265,000 contract was awarded to Realty Appraisal Company, based in West New York, to conduct the revaluation. The contract calls for the cost not to exceed $265,000 and for the revaluation to be ready for the 2014 tax year.
Realty Appraisal Company also has an office located in the Oakhurst section of Ocean Township.
A county-mandated property revaluation is required about every decade so that a property’s assessed value reflects its true value for property taxation purposes. Asbury Park’s last revaluation was done in 2002.