Barrett said things were out of whack,” said Murray Piazza, 81, of Golf View Drive. “Three things that are certainly out of the control of any government entity or elected leaders,” Barrett said as he spoke before a horrified public at a recent Township Committee meeting. Indeed, the entire taxable real estate of the township has fallen from $2.9 billion in 2010 to the current estimate of $2.2 billion.Ī combination of the “Great Recession,” the collapse of the real estate bubble in the mid-2000s and the catastrophic damage inflicted on Little Egg Harbor in superstorm Sandy in 2012 contributed to the township’s current financial crisis. Meaning the assessed values compared to market values were not at the ideal point of 100 percent.”Īs a result of the reassessment, Barrett said that the value of the average assessed home in Little Egg Harbor Township had fallen from $263,000 in 2011 to $193,000 in 2015. “And the reason why you have that mandate come down from the county Board of Taxation, the ratios are out of whack. “In 2013, Little Egg Harbor was mandated by the (Ocean) county tax board to conduct a reassessment, a revaluation of the town,” said John Barrett, a Brick-based consultant who advises the township administration on its financial affairs. In some cases, property owners are seeing thousands of dollars in sudden tax increases this year. LITTLE EGG HARBOR Residents are panicking over a township-wide reassessment of real estate values. Watch Video: Tax Increase enrages Little Egg Harbor residents
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