Ventnor Re-Val

Ventnor
Re-Val

The Ventnor Board of Commissioners is prepping for a citywide revaluation. They plan to vote on it Thursday, June 16. According to a report in the Shore News Today, Ventnor loses about $1 million in ratables from tax appeals each year.

Ventnor incurs a growing expense in defending against approx. 4,800 tax appeals over the last five years. That’s a loss of over $5 million in tax revenue.

The previous city wide reassessment was done at the height of the Real Estate market in 2006.

If the vote passes, Professional Property Appraisers of Cinnaminson, NJ will be paid $484,397. for the service. No bid for the reval came from another familiar company in this space: Vital Communications. According to Shore News Today, there has been backlash against Vital, thus, they did not submit a bid.”

 

 

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