Revaluation Update and New Block & Lot Numbers
As you are aware the Township of Neptune was ordered by the Monmouth County Board of Taxation to revalue all properties in the Township. The Township hired Realty Appraisal from West New York to perform this task. On or about November 13, 2014 Realty Appraisal Company began mailing the Value Notification Letters to all taxpayers. The number given to you in this letter reflects the current market value (100%) as of October 1, 2014.
Once you receive the Value Notification Letter, read it carefully. In it you will find not only the new valuation of your property, but also instructions on how to proceed, depending on whether or not you agree with your property’s assessment. If you believe the new valuation represents the value of your property, and in line with recent sales in your neighborhood, you don’t need to take any action. If, however, you disagree with the assessment or would just like to review it with the revaluation firm, you should call the phone number or go to the website provided in the Value Notification Letter and schedule an appointment to discuss your new valuation.
Please note an increase in your assessment does not necessarily cause an increase in your tax bill. Because the ratable base (total assessed value of all properties in a municipality) goes up after a revaluation, the tax rate is adjusted downward. For example: a home currently assessed at $150,000 and using a $4.50 tax rate would pay $6,750 in taxes. If after the revaluation this same home is now assessed at $300,000 and the increase in the total valuation of the Township (doubled), a new lower tax rate of $2.25, would result in the taxes still at $6,750. THIS IS AN EXAMPLE OF THE IMPACT ON TAXES.
IMPORTANT NOTE - The Township many years ago embarked on an effort to digitize all of the Tax Maps for easier maintenance and to make those maps available to the general public through our website. At present all paper maps require a copy fee in order for the public to get the map that they need. This will eliminate the need for a trip to Townhall, and the fee for copies, anyone can access the map of their choice online. Stay tuned. As part of this process ALL OF THE BLOCK AND LOTS IN THE TOWNSHIP HAVE CHANGED FOR THE 2015 TAX YEAR. This is not a mistake, effective January 1, 2015 every property located in the Township of Neptune will have a new block and lot identification number.
Property Owners should be aware that it is NOT necessary to have your deeds or any other document change, new identification numbers (block & lots) will be cross referenced with the former block & lots for a smooth transition.