STONE HARBOR – The borough is moving closer to initiating a boroughwide property reassessment.

Council member Frank Dallahan said at the Borough Council’s Oct. 7 meeting, “The borough recently received notification from the Cape May County Board of Taxation that the board would look favorably upon a formal application to conduct a reassessment.”

Dallahan, who delivered that news on behalf of the council’s Administration and Finance Committee, added that if the borough wishes to proceed with a reassessment, there would be a bid process for assistance with the task, since the borough does not have the staff to do it in-house. A reassessment process would be conducted under the direction of the borough’s tax assessor, Margaret Slavin.

Census figures show Stone Harbor with 3,175 housing units, not counting a variety of other types of property including commercial sites.

At the Sept. 16 council meeting, council member Ken Biddick said a reassessment was “critical” to the financial management of the borough because it would open new flexibility in appropriations: It would allow the borough to have new appropriations cap space due to the addition of new ratables at a higher value as part of the budget cycle.

Dallahan gave no specific time frame for when the borough would file an application seeking permission to conduct the reassessment.

Contact the reporter, Vince Conti, at vconti@cmcherald.com.