Then why do a revaluation?

A revaluation program seeks to spread the tax burden more equitably within a municipality. Real property must be assessed at the same standard of value to ensure that every property owner is paying his/her fair share of the property tax. For example, two properties having essentially the same market value should be paying essentially the same amount in property taxes. Inequitable assessments result from situations such as the following:

  • Changes in characteristics in areas or neighborhoods within the municipality and
  • Within individual properties;
  • Fluctuations in the economy (inflation, recession);
  • Change in style and custom (desirability of architecture, size of house);
  • Changes in zoning can either enhance or adversely affect value.

Show All Answers

1. Will the Borough of Point Pleasant Beach gain more tax dollars as a result of the revaluation?
2. What is a revaluation?
3. Is this revaluation program voluntary?
4. What is meant by “full and fair value”?
5. What has to be done during a revaluation program?
6. What if I am not home when they come to do the inspection?
7. Will a revaluation increase taxes?
8. How can my assessment increase and my taxes not go up?
9. Then why do a revaluation?
10. Will taxpayers be informed of their proposed assessment?
11. What the taxpayer is dissatisfied with the proposed assessment?
12. What can a taxpayer do if he / she is unsuccessful in having the valuation of his / her property revised as a result of attending the informal hearing?
13. How can I estimate the fair market value of my property?
14. How can property owners help to make the process more efficient?
15. What determines how my property will be valued?