Many Asbury Park taxpayers are seeing changes in their property taxes this year under a new property revaluation conducted last year.
On the average, property taxes have increased because the properties are now more valuable, including commercial and some residential properties, City Manager Jack Kelly said earlier this week.
“The most likely reason anyone’s property taxes went up is because their property saw a substantial increase in value and was undervalued previously,” he said.
Kelly said that Asbury Park is now at 100 percent of assessed valuation whereas previously it was at 38 percent of true value.
“So some property owners will see a significant increase in the value of their properties and their taxes are based on that equity. Most of those properties have been underpaying for some lengthy period of time,” he said.
Kelly said that any property owner questioning their tax bill should contact the city tax assessor’s office.
“Anyone who feels their property is assessed at above market value can come and talk to the tax assessor,” he said.
For the most part, one- to four-bedroom homes and condominiums in the city saw a slight reduction in their taxes. The total taxes billed for these properties fell by $890,308; or from $15,733,092 to $14,842,784
The southwest quadrant of the city also saw a reduction in total property taxes of $1,194,469, or from $3,501,999 to $2,307,530.
“These areas saw a reduction in taxes because, while their value went up, they did not go up as fast as commercial properties and vacant land in the city. Those went up a lot more,” Kelly said
However, many residents living in other sections of the city may see an increase in their taxes.
Properties in the city’s northwest area saw total taxes increase from $4,846,242 to $4,915,463, or up by a total $69,220.
Properties in the eastern sections, east of Main Street, saw tax billings increase from $7,384,850 to $7,619,791, or up by a total of $234,941.
Vacant properties saw tax billings go up from $661,948 to $867, 614, or by $205,666
Commercial properties saw the highest increase in total taxes, from a total $1,174,646 to $1,676,874, or up by a total of $502,227
Kelly said that the revaluation may also have a “boomerang effect” for some properties.
“Let’s say that a Cookman Avenue property was paying $3,000 in taxes but now the property is assessed at $500,000 and taxes may now be $10,000. Well, the property may now not be worth $500,000 because the taxes are now $10,000,” he said.
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