STONE HARBOR – Tax Assessor Margaret Slavin told Borough Council Feb. 6, “We are getting ready to wrap this up.” What Slavin referred to was the borough-wide reevaluation of property values.
The project, largely completed, saw the new assessed value of property in the borough increase from $4.474 billion to $4.838 billion, a net growth of $363 million.
Slavin said the borough and its consultants have had about 125 interviews with property owners concerning the new valuations. “I haven’t seen any really angry people,” she said.
For most homeowners, the borough tax bill will go up as a result of the valuations even as the projected local purpose tax rate for 2018 stays the same.
Slavin said almost two-thirds of the properties increased in value as a result of the process. “We had 2,248 properties go up, 972 go down, and 232 stay the same,” she said. “Now we will see how many appeals we get,” she added.
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