BY JANE MEGGITT
Staff Writer
UPPER FREEHOLD — The Monmouth County Board of Taxation has ordered a revaluation of all township properties, the township tax assessor has said.
The new market assessments must be on the books by Jan. 1, 2006, said Tax Assessor Steve Walters at a recent Township Committee meeting.
Houses in the township are currently underassessed, Walters said.
"It’s not a profit process, it’s a redistribution process," he said.
The last township revaluation was done as far back as 1994 and 1995, he said.
Five years ago, the assessed value to sale price was 95 percent. Today the percentage stands at 70 percent, he said.