STONE HARBOR – Tax Assessor Margaret Slavin told Stone Harbor Borough Council Feb. 1 that the property taxable assessment value to true value sales ratio for 2022 stands at 80.88%.
In New Jersey, a decline in the municipal assessment sales ratio from the 100% level may indicate a need for revaluation. The borough completed its most recent revaluation four years ago, in January 2018.
Slavin frequently spoke to the council in 2021 about the volatile real estate market in the borough, which led to inflation in sales prices, causing the assessment ratio to decline.
She said that a revaluation would be likely in “two years or so.” She also indicated that the real estate boom throughout the county meant that Stone Harbor “will not be the first to be notified” of the need to do a revaluation.
