BELMAR, NJ — Now that all tax levies for the year have been finalized, Belmar property owners will see their overall tax rate increase by 1.23 percent, according to borough officials.
While there was no increase in municipal taxes, school taxes climbed by nearly 2.49 percent and Monmouth County taxes edged up nearly 1 percent, Mayor Matthew Doherty reported in a July 21 letter sent with tax bills to borough residents. Based on an overall 2017 breakdown, 43 percent of taxes are earmarked for school services, nearly 35.5 percent for municipal services and another 21.5 for county services.
Despite the relatively small across-the-board tax hike, there’s another reason why 2017 tax bills may be higher than last year — new property assessments based on the recently completed boroughwide revaluation. According to that county-order reassessment, the true market value of Belmar, including all private and public properties, has climbed from $1 billion to $1.6 billion.
“The effect of this change in assessment has reallocated the tax burden among property owners based on relative changes in property values within the community,” according to Doherty’s letter. “As a result, the taxes owed by some property owners have gone down and some have gone up.”
While the mayor could not give actual numbers, the “rule of thumb” in a property revaluation is that about one-third of property owners experience an increase in value, one-third a decrease and one-third have no change.
It’s been quite a while since Belmar underwent a revaluation. While every town in New Jersey must have their property values brought up to current market values about every 10 years, the borough was able to delay its 2012 reassessment, maintaining that the housing market needed time to stabilize after Superstorm Sandy. That reprieve ran out when the borough was ordered by the court to complete the revaluation by the end of 2016.
Because the new bills just went out by mail, borough taxpayers have until August 25 to submit their third-quarter tax payment. However, if payment is not made by the new due date, interest will be calculated back to August 1.