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Tax Board Delays Reassessment In Manchester
MANCHESTER - The Ocean County Board of Taxation recently approved a one-year extension of the completion of the reassessment in Manchester.
A request for the extension was submitted by the township assessor; Martin Lynch, due to the recent changes in the real estate market.
The Ocean County Board of Taxation ordered the township to conduct a reassessment in January of 2005 to be completed by tax year 2008. The extension changes the completion date to 2009.
Officials said the real estate market has gone through significant changes since the start of the reassessment. This additional year will allow the assessor's office to continue to review sales that have been impacted by the changes in the overall market.
Reassessment is the process of appraising all real estate in a municipality according to its full and fair value to ensure that each property owner pays their fair share of taxes. The process is "revenue neutral," meaning the purpose is not to raise property taxes, but rather to ensure that the property tax assessments are fair and equitable.
The last reassessment in Manchester was in 1997.
The inspections of the more than 15,500 homes and commercial properties have already been completed. Those homes will not need to be inspected again because of the one-year extension. The notice of the new assessed values for each property will be mailed in the fall of 2008. Residents will be given the opportunity to arrange for an informal review of the new assessments. The impact of the new assessments will not affect the property owner's tax bill until the 2009 tax year.
If any resident should have a question or concern related to the reassessment, they should contact the tax assessor's office at 732-657-8121.
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