On Oct 13, Ventnor Commissioners and the Mayor addressed a particular peril of a crazy real estate market.
If prices get too out of whack, it could trigger a state-mandated re-valuation for all Ventnor properties.
Assessed Value of Properties in Ventnor: $2,95,551,980.
Sold Value of Ventnor Properties $2,530,859,879.
Up 21%. Increase of $43 million.
Smart financial guidance from Leon Costello of Ford Scott & Assoc. helped boost Ventnor’s status as a top Jersey Shore destination.
Don’t celebrate too much.
Ventnor Mayor Beth Holtzman: We have to be careful about the ratio issue. We went down eight points. At 10 points the state can force you to do a re-val. We don’t want to do that.
- What is revaluation? Adjustment, update, or revision of all real property values within a municipality. A revaluation is performed by a professional appraisal firm contracted by the municipality.
- Why is revaluation needed? When properties are not being assessed at same rate of value or are being assessed substantially below or above the uniform value standard.
- What is purpose of a revaluation? Distribute the tax burden among property owners equitably according to the true worth of their real estate.
- What factors determine whether a revaluation is needed? Average Assessed Value to True Market Value expressed as a ratio.
In other Ventnor news:
Ventnor finalizing the band shelter design going out for bid. We first had a nice design and then some music people told us that it might create echoes, so we went back and looked at some other things. Acoustics. So we’re making sure that’s correct and getting that finalized so we can get the bid out hopefully next month.
Rejecting of bids for the pier kiosk. We still want to keep that moving ’cause we want to get that done for next summer.
Ventnor band shelter for the popular concerts along the beach & boardwalk, behind the library. City needs to consider different design due to potential acoustic issues. Will go out to bid soon.
Ventnor Fishing Pier Kiosk. Bids came in too high. Project will bring pier master office closer to the fishing action. Better management of paid pier members. Once pier master office moves further out on the pier, we could see a coffee / snack bar in that space adjacent to the pier rest rooms.