--- In AsburyPark@yahoogroups.com, "Fred" <[EMAIL PROTECTED]> wrote: > > I believe AP is due in 08 or 09. If the citys assesment doubles doesn't > the tax rate rate usually gets cut in half? The citys budget doesn't > get any larger does it? Really the reval should hit the downtown Main > Street The Waterfront Multi family homes(5 or more units) and be easy > on the homeowner. Can they do it that way? Maybe Dan can answer that.
I sort of answered this in private email to someone questioning my post about the decrease in ratables caused by demolition in the waterfront (more on that later). I am not an expert in taxation in NJ, but essentially you are correct with regard to the tax rate. Generally, revenues from all other areas are estimated and then based upon how much more you need to raise, you set the tax rate based upon your ratables, or assessments. So in theory, if you need the same amount but you move to 100% of market value and that results in a doubling of assessments, the tax rate should be cut in half. However, in practice, things usually turn out differently. You ask if the budget could go up? Government is like a junkie. If you give an endless supply of dope it will overdose. As to treating properties different to protect homeowners, assessments must be equitable (not the same, but equal treatment) within the same class of property. I think there are 7 different classes of taxable real property in NJ. Residential of 1-4 units is a separate class. I am not sure where for sale units (condos) fit in in multifamily buildings. In NYC they are a subclass of that with apartment buildings. But we have different tax rates as well for the different classes of property. So I don't think you could single out waterfront condos or apartments since they would belong in the same class as non-waterfront units. That is where the assessor comes in because they likely will not have the same value either. The same goes with vacant land. Is the parcel of a parcel on Ocean Ave worth the same as one several blocks inland? That's why the assessor should be ratcheting up Partner's land and really give them something to appeal. That's how you make up for the lost $2 million in assessments on the improvements Partners demolished. Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/