By: centraljersey.com
UPPER FREEHOLD – A reassessment now under way of all 3,200 properties in the township will help determine new assessed property values for the 2011 tax year, Tax Assessor J. Stephen Walters said Tuesday.
The reassessments were ordered by the Monmouth County Board of Taxation "because real estate values have declined, but not necessarily in a uniform way" since the last comprehensive revaluation in 2006, Mr. Walters said.
The fieldwork inspections are being done by employees of Realty Appraisal. The process includes photographing the outside of buildings and performing interior inspections on 25 percent of the properties chosen by a "predetermined, statistically selected sampling" method, Mr. Walters said.
The data gathered during the fieldwork will then be compared with sales and market trends to come up with a new assessed valuation for each property, Mr. Walters said.
"They’ll be doing this throughout October and November and will wrap it up in December with notifications to all property owners of their new indicated property values," Mr. Walters said.
Before the results are turned over to the tax assessor, every property owner will receive a notice about their new assessed values. Realty Appraisal employees also will conduct an informal review of the new property values with any property owner who requests one.
The point of the reassessment is not to raise money or increase taxes on property owners, Mr. Walters said. Rather, the intent is to make sure that each resident is paying his or her share of the tax burden. This means some assessed values will rise, some will decrease and some will stay the same.
Residents whose houses are selected for interior inspections should make sure they check the Realty Appraisal employees’ photo identification badges before letting them inside, Mr. Walters said.
Anyone with questions about the reassessment process should call the township tax assessor’s office Monday through Thursday at 609-758-7738, ext. 219.

