Following a mandate from Monmouth County the Freehold Borough Council introduced an ordinance appropriating $300,000 for a full revaluation.
Councilman Ronald Griffiths said that the Borough is overdue for a revaluation according to the county and has also included them in a new demonstration project. Griffiths said that over the past few years municipalities across the state have seen tax appeals succeed which have put strains on local budgets. “The goal is to arrive at a more accurate, more timely assessments designed to build public confidence in fairness of the system.
The new demonstration project is part of that process. Unlike in the past where every 10 years a municipality does one revaluation for the whole town there will also be smaller evaluations done. Griffiths said following the borough conducting the large scale revaluation every year after 20 percent of the borough will be assessed as well. “The system should prevent the 10 year protracted over or under payments that have been the past standards.
Borough Administrator Joe Bellina said the last revaluation was done for the 2005 tax year and the current one will be effective for the 2015 tax year. “It takes a little over a year for everything to be done,” he said. While Bellina did not know how far off current property assessments are that will be figured out during the process. “Obviously something has gone awry to catch the attention of the county tax board,” he said.
Residents will likely see inspectors around the borough later this year or early next year as the process gets underway.