DENNISVILLE – Revaluation of real property in Dennis Township, ordered by the Cape May County Tax Board, has begun by Vital Communications Inc. of Trenton. Vital provides services to over 300 of the state’s municipalities, according to a release.
The revaluation measures, inspects and collects data for every property in the municipality then estimates the current fair market value of those properties.
In New Jersey, property must be assessed at 100 percent of value as of Oct. 1 of the pre-tax year. The estimate of the present fair market value of all properties will be as of Oct. 1, 2014 and will become the tax assessment for the 2015 tax year.
The revaluation is not conducted to raise money for the township, county or state. Its sole purpose is to estimate a fair market value of each property. That fairly spreads the distribution of real estate taxes.
During the revaluation each property is physically inspected, its exterior dimensions recorded in order to the same standard of value.
That helps achieve equalizing property assessments, and equalizes property taxes.
A notice will be sent to each property owner prior to a field representative visiting their neighborhood. It will advise them that they should expect to have such a visit in a few months.
Property owners are asked to allow access to the property for interior inspection. Exterior measurements of all buildings will be taken.
All Vital Communications employees have a photo identification badge and letter of identification signed by Dennis Township officials.
Residents should ask to see those documents prior to allowing an interior inspection of their property. Additionally, all Vital Communications employees and their vehicle descriptions will be registered with the State Police.
Upon final review of all data and calculations, the firm will mail to each property owner a notice advising them of their new assessed value. The notice will also explain how to arrange for a personal, informal review to discuss the proposed assessment with a Vital Communications employee.
Once the revaluation program is done, the new tax rate for the 2015 tax year will not be determined until the new assessments are filed with the county Board of Taxation and operating budgets for schools, county and local government are fixed.
Budgets are not completed until several months after filing the tax list. Owners should not apply the 2014 tax rate to their new assessment. The 2015 tax rate will be different.
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