STONE HARBOR–– The borough’s ratable property value will increase by about $809 million as a property reassessment was completed Nov. 19.
Deputy Tax Assessor Margaret Slavin said the new reassessed value for the borough, as of Oct. 1, is $4,434,925,200, which will take effect January 2009.
Compared to $3,625,851,200 reassessed value as of Jan. 1, assessed value has increased by $809,074,000.
The borough’s tax rate for 2008 is .529 cents per $100 of assessed value. If the new total ratable of $4 billion for 2009 were applied to the 2008 budget, the tax rate would be lowered by 11 cents to 43 cents, assuming the borough’s budget doesn’t increase, which is unlikely.
Residents’ tax bills increase in relation to increased municipal budget. Under the new assessment, a budget increase of $430,000 would increase every tax bill by one cent whereas prior to the reassessment, $363,000 equaled one cent to the tax rate.
Slavin said it’s important to understand the difference between a revaluation and a reassessment. The distinctive difference is that a revaluation is an inspection of all borough property, old and new, whereas reassessment only inspects new construction, additions and the like that were made since last assessed while reviewing the entire borough.
Contact Truluck at (609) 886-8600 ext. 24 or at: ltruluck @cmcherald.com.
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