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N. Wildwood Seeks Appraiser for Tax Court Appeals

 

By Joe Hart

NORTH WILDWOOD — City officials are looking for a real estate appraiser to help with a couple outstanding 2009 appeals in state Tax Court from owners of local commercial properties disagreeing with their assessments.
The city will advertise for proposal requests from appraisers in coming weeks as part of a competitive bidding process.
“The City Solicitor (William Kaufman) has advised that, in order to properly represent the city and to properly present the city’s position in those appeals, it is necessary to retain the services of a real estate appraiser to assist the solicitor and tax assessor as an expert witness and to prepare such real estate appraisals as they may require,” stated a resolution approved at City Council’s March 16 meeting.
According to Tax Court records, there were 40 appeals of 2009 assessment for properties in North Wildwood.
Kaufman told the Herald most of the appeals were for residential properties and many have already been settled. Kaufman and Tax Assessor Louis Belasco said commercial appeals are more complex than residential appeals, hence the need for professional appraisals.
The two commercial appeals requiring professional appraisals are both local motels — Harbor Mist Motel, on the beach block of 11th Avenue, and the Surf 16 Motel, at 16th and Surf avenues.
The Harbor Mist is assessed at $2.6 million and pays $21,539 in taxes annually. The Surf 16 includes two properties with a total assessment of more than $3.6 million and a tax bill of nearly $30,000. The assessments for both motels have been unchanged since 2007, according to George R. Brown III, county tax administrator.
With the state of the economy and real estate market, owners of both properties likely think they pay too much. The city likely disagrees.
Reductions in taxes and ratables from Tax Court judgments can have a significant effect on local municipalities, particularly those involving large commercial entities.
In February, the Kings Inn Motel at 22nd Avenue and the Boardwalk won a Tax Court settlement, lowering its assessment on two properties over $1.7 million from $9.2 million to $7.5 million.
This city isn’t the only one affected.
In January, Dairy Maid Confectionary appealed its 2009 assessment of $6.2 million for its Boardwalk property in Ocean City. In that case, the Tax Court adjusted that total by $1.3 million or 20 percent, leaving an assessment of $4.9 million.
Also, the Port Royal Hotel on Ocean Avenue in Wildwood Crest won a tax appeal settlement reducing its $11.3 million assessment by $945,000; and the Cedar Square Shopping Center on Route 9 in Ocean View reduced its Upper Township assessment by $1.4 million from $8.6 million to $7.2 million.
In the Middle Township, there are eight outstanding appeals in Tax Court with a combined assessment of nearly $88 million and 2009 tax bills of more than $1.1 million.
Contact Hart at (609) 886-8600 Ext 35 or at: jhart@cmcherald.com

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