Are Jersey Shore towns like Margate, Ventnor and Brigantine delaying the inevitable?
Fixing the problem of unfair taxpayer burden by using ‘re-val’ or ‘re-assessment’ tools.
Stone Harbor, located in Cape May County, wants fairness in taxes, so why not make it a priority for Ventnor, Margate and Brigantine as well?
Watch Stone Harbor City Council video above. Tax fairness thru ‘rolling’ re-assessment.
One Stone Harbor councilman suggested: Stone Harbor (home values) have ‘peaked’. We’re not going to have the big jumps in value that we’ve had in past few years. Now’s the time to act.
Goal: Everyone pays their fair share of taxes.
- Margate’s last Re-val was 2018.
- Ventnor last Re-val was 2017.
- Brigantine last Re-val was 2016.
- Stone Harbor’s last Re-val was 2017.
Margate regularly called out by Atlantic County Exec Levinson for having properties assessed at estimated 50% of true market value.
Example: Margate properties currently assessed at approx 50% of true market value. That’s incredibly unfair for some. Incredibly advantageous for others.
Margate has reportedly been selected / ordered to conduct a mandatory revaluation.
Some Margate residents will see a tax increase, some stay the same, and some will see less tax liability.
Critics claim some shore towns delaying tax reassessment efforts until after the next local elections.
Downbeach Taxpayer Advocates note that Margate, Ventnor and Brigantine voters are more likely to live in homes with a lower tax burden, whereas 2nd homeowners or those that bought a property in recent years, pay much higher taxes.
Margate Business Admin Pat Moran: We’ve been in touch with County. They’re aware of issues we’ve been encountering. Currently, my understanding is that delays are due to our (Margate) tax map and changes the State Tax Mapping Unit has directed us to complete. To date, we (Margate) have not been able to obtain mandatory Tax Map Certification required to move forward.
Business Admin Moran: We’re making necessary revisions and resubmitting as instructed. Once everything is accepted, we’ll be able to proceed, but it doesn’t appear that this will happen in the immediate future.
Business Admin Moran: Revaluating companies are very expensive. There are few companies conducting revaluations. It’s my understanding that those companies give estimated wait times ranging from five to seven years to complete revaluations. Therefore, we’re researching more efficient and cost-effective options: hybrid reassessment, a full reassessment, or in-house assessment instead of a revaluation. Considering possibility of using shared services to complete process. If approved, work could potentially begin mid-to-late 2026, with completion in time for 2028 tax year. However, it’s still too early to project exact start date.
Margate Commissioner of Finance Maury Blumberg: BA (Moran) reply was accurate as I understand it from the Tax dept.
Reassessments are required when assessed valuation of a home drops below 85% of true market value.
Re-valuations are more invasive (than reassessments) with interior inspections by a 3rd party company.
Distribution of property tax burden not reflecting true value of the property.
Atlantic County municipalities recently met with County Tax Assessor, Theresa Prendergast about tax fairness and the importance of reassessments and re-vals.
Atlantic County leading by example: Contracted with EagleView Imaging Company to update county tax maps. (possibly using mix of satellite, drone and AI Artificial Intelligence to determine approx values)
What is going to happen during a re evaluation when all the new homes that fit out their ground floor spaces that were suppossed to have the Non Conversion agreement in place get caught now that they are all converted spaces