MANCHESTER – The Manchester Council introduced an ordinance that would appropriate $585,000 for the upcoming township reassessment.
This amount has been deemed the “special emergency appropriation,” as it is not included in this year’s current budget, but will be accounted for in succeeding budgets, according to the document.
The funds will be used to prepare a plan and execute the reassessment.
The township’s reassessment is being performed in-house at a million dollar’s savings, according to officials.
Jersey Shore Online previously reported that township tax assessor Martin Lynch developed a reassessment plan that will cost $549,650; as opposed to the estimated $1.62 million it would cost to outsource the reassessment.
The reassessment must be completed by November of 2020. The last one was completed in 2012.
A revaluation, or reassessment, occurs when properties are valued higher or lower than the market. Since taxes are based on a property’s assessment, towns are often updating this information to make sure that owners are paying their fair share of taxes. In a recent interview, Lynch said that the town’s property values are at about 85 percent of where they should be.