Ventnor Re-Val Team Making Rounds for Equitable Tax Assessments

The VENTNOR citywide revaluation is now underway. Reps are going door to door to photograph, record, measure, count and inspect property. Once the re-val data is collected, it will be compiled and combined with recent sales from the last two years. This will help determine the fair market value of Ventnor homes and business properties for the 2017 tax year.

Comp sales, assessment and other info will soon be posted on a website for the public to view, and possibly disagree with.

Goal of Ventnor re-val: make sure property owners pay fair share of local taxes. The last revaluation was done in 2006.

Why a Ventnor real estate revaluation? The city is losing money. This is due to the large amount of tax appeals that happen each year. The hired re-val company will ultimately assess 6,100 Ventnor properties.

According to the Downbeach Current: Ventnor had over 4,800 tax appeals over last five years. That’s a $259 million drop in ratable base, and loss of $5.1 million in tax revenue.

If the homeowner isn’t home when the inspector comes a knocking, a card will be left behind so the homeowner can fill it out…mail it in… and make an inspection appointment for a later date.

If, after multiple tries, the inspectors can’t get in, they’ll estimate what’s in the property….and will then determine the value based on comps. All comparable sales used to determine assessments will be considered through the lens of a seller’s motivation. Was it a short sale or foreclosure? Was this a distressed property?

New Ventnor assessments will be in effect for 2017 tax year.

Not in agreement with the new assessment? You can appeal to the Atlantic County Board of Taxation before the May 1, 2017 deadline.

 

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