BY TOM CAIAZZA
Staff Writer
MATAWAN – The Borough Council approved a special appropriation of $250,000 to conduct a borough-wide revaluation of property with the intent of “putting everybody on the same level playing field,” according to Borough Tax Assessor Eric Zanetti.
Revaluation is an assessment of each of the borough’s 2,600 commercial, residential and municipal properties in order to create a more equitable assessment of the municipality’s value.
Zanetti said that the goal of the revaluation would be to bring the entire town up to 100 percent of market value. Matawan is currently sitting at just above 49 percent of that.
The reality, he said, is that some residents are paying more than their “fair share” and others are not paying enough. Zanetti said the rule of thumb states that one-third of residents will see an increase in their assessed value, one-third will see a decrease and one-third should see no real change at all.
“We want to treat everyone the same,” Zanetti said. “Redistribute the tax burden equally among all the taxpayers.”
Realty Appraisal of West New York, N.J. will conduct the appraisal, which is expected to begin late summer early fall and barring unforeseen situations will be certified by January 2007.
Zanetti said the appraisal firm will physically assess each property with “a tape measure and a clipboard” and will announce the findings to the property owner, at which time they have the option of an informal appeal and will be given access to all the data used to comprise the new assessment.
Borough Administrator Fred Carr said that the Monmouth County Board of Taxation has ordered the Borough to conduct the revaluation and has given them the Jan. 1 deadline. The last revaluation took place in 1991.
Carr called it a “time consuming process” but one that could conceivably be done quickly.
Zanetti said that the revaluation is good for the borough, and that nearly every surrounding community has been or is in the midst of revaluation of property.
“This is a good thing,” Zanetti said. “People shouldn’t be nervous or wary, it’s about municipal equity.”
Zanetti said that an appropriate analogy for the revaluation’s effect on the tax rate would be to think of taxes collected as an apple pie.
“The apple pie is going to be the same,” Zanetti said. “We’re just going to redistribute the slices. It will be 2,600 even slices of pie.”
Zanetti said the unprecedented rise in property value in eastern New Jersey was the cause for the revaluation. Even though the current market is leveling off, it has seen enough growth since the last revaluation that Matawan has met the state’s statutory requirements for revaluation.
An informational session for residents will be held on Sept. 13 at 6:30 p.m. in borough hall. Zanetti said that himself and representatives from Realty Appraisal will be on hand to answer questions from the public about the revaluation and to “put their minds at ease.”