Monmouth Residents Riled by New Home Tax Assessment Program
Originally appeared on app.com
It wasn’t just the number — almost 17 percent increase over last year’s assessment — but the basis for it.
“There hasn’t been any improvements in the area,” said Fraley, who has owned his home for 26 years, now valued at $294,000. ” How do you justify an increase?”
Across Monmouth County, a new way of assessing property values, the Assessment Demonstration Program or ADP, is leaving property owners either outraged over hefty assessment increases — or quietly celebrating a lower valuation.
The pocketbook pain for many taxpayers could go substantially beyond the much-touted 2 percent property tax cap.
Tax bills are based on property values, also called assessments, and the goal of the new program is to make those numbers every year as close as possible to what a homeowner would be paid if the house was sold on the open market. As with any rejiggering of the tax roles, more will pay, well, more to make up for the lost revenue from others who win a tax cut.
What impact the new assessment program will have on the local taxes of homeowners, though, is still up in the air. Towns are just now preparing their annual budgets. Any tax bill boosts won’t be seen until August or later.
While Monmouth County is experimenting with a new assessment, Ocean and 19 other counties operate are under the current system. That means homeowners who think their properties have been overpriced by the government have until April 1 to file an appeal with the county tax board. Residents in Lacey, Little Egg Harbor and Stafford — all towns going through local reassessments — have until May 1.
This is general information designed to help you put these valuable deductions on your radar. Patrick Parker Realty Agents and Realtors are not certified accountants. Please be sure to check with your tax adviser to see if you qualify for a particular credit or deduction.
The Patrick Parker Realty Tax Season Blog Series will cover many topics as they relate to real estate and increasing your income tax refund. Such topics will include Home Ownership Tax Breaks, Hidden Tax Deductions, Deductions on Mortgage Interest, Reporting on the Sale of Your Home, Home Purchase Tax Credits and more. In addition, our Blog Series will explore Tax Incentives as they relate to major transitions and lifestyles; Marriage, Birth, Divorce, Death of Spouse, Health Insurance, Caretaking of Dependents, Business Owners, Commuters and more.
Check in to The Patrick Parker Realty Blog each Tuesday, Thursday and Saturday through Tax Day for new posts. You can also follow The Patrick Parker Realty Tax Season Blog Series on Facebook and Twitter using #taxseasonblog.
For more information about paying taxes on the sale or purchase of your home or any other questions you have about this article please speak with your tax professional or visit www.irs.gov.