North Wildwood Explains Property Reassessment

NORTH WILDWOOD — North Wildwood Mayor Bill Henfey has announced that the process of reassessing properties is currently underway, as ordered by Cape May County Board of Taxation, which has determined that the City’s current property assessments are inequitable and must be adjusted to reflect true value for all.
The City chose to go with a reassessment as opposed to a re-evaluation for the following reasons:
1) Cost: In-house reassessment will cost the City less than $100,000. Re-evaluations, which must be done by an outside contractor, cost more than $800,000.
2) Timing: With the City controlling all of the work, and with slightly less stringent requirements, the City will be able to have all adjustments on the books by the end of February 2011.
3) Knowledge: The City is more familiar with the properties, trends, and sales than an outside contractor would be and therefore, should result in a more accurate representation of true values.
Data mailers are being sent to property owners now. The mailers list all the information about a property currently on file in the City’s Tax Assessor’s Office. Owners will be asked to review the information, and either indicate that it is correct or make changes as necessary. Mailers must be returned no later than Dec. 10.
City inspectors are currently visiting various neighborhoods. If the resident is home and agree to it, they will do an interior inspection. If the resident is not available, a door-hanger will be posted. The resident who receives a door-hanger—or anyone seeking an inspection–can call the Assessor (609-522-2030, ext. 1340) to schedule one.
The information derived from the inspection will be compared to the current information on file and necessary changes will be made. Property owners have the opportunity to appeal their assessment with the County Board of Taxation until May 1, 2011.
Visit northwildwood.com for more information, updates on the progress of the reassessment, and a list of frequently asked questions.