COMPLETED: Mandatory Town-Wide Revaluation
Now that the town wide revaluation, ordered by the Middlesex County Tax Board is complete, here is a recap. The revaluation was ordered for many reasons, however, the most compelling reason was that the last revaluation done was over 36 years ago. When assessed values are not regularly maintained, the chance of the tax burden being unevenly distributed becomes greater.
The new assessed value was set at the beginning of 2023 and all property owners were sent a notice of the new assessed value. You may recall this notice coming to you via “the green postcard” although this year and going forward the postcard is white. This year, the new assessment values rose greatly from last year. This is due to the average ratio of 23.62% in 2022, while 2023’s amount now represents 100% market value.
If you do have questions about your assessment, you should contact the assessor’s office with your questions.
Via email: taxassessor@middlesexboro-nj.gov
Phone: 732.356.7400 x 270.
Each year, every property owner has the right to appeal the assessment if they disagree with the value. The time frame to do this is from when you receive the postcard notification of assessed value until April 1st (or May 1st during a revaluation year). The Middlesex County Tax Board will conduct the hearings and issue a judgment as to whether or not a change is warranted on your assessment based on information you provide.
This year, your tax burden may be much different from last year due to the revaluation. The new assessment values will affect how the town’s tax burden is distributed. Tax credit benefits, such as senior and/or veteran deductions and senior freeze will still be in place. Tax bills in NJ are issued once a year usually in July and payable by the quarter. The yearly tax amount is calculated by taking the new assessment and multiplying by the current year’s tax rate. The 3rd and 4th quarter bills will be a trueing up for the current year as the 1st and 2nd quarters are estimates.
If you would like to get more in-depth information about revaluations, there is a brochure on the Finance page called "Understanding Revaluations” (see also, direct link to the pdf below). Also, there are several tax relief programs offered by the State of NJ and can be found at https://www.state.nj.us/treasury/taxation/relief.shtml. This link is also available on every yearly tax bill.
For previous coverage of this revaluation topic, see the following stories on the Borough website: