HOLMDEL, NJ - Residents are receiving a mailing this week that they are quick to open. No, it's not your students teacher assignments. It's the annual Property Tax Preliminary Bill for 2020/2021 and there is a great deal of information in it.
It includes the last two quarterly billings for this year and estimates for two quarters in 2021. Of particular interest for homeowners is the 'net taxable value' of your home. In Holmdel and other Monmouth County towns, this is targeted to be 100% of the current market value. For many residents it is not so bad, in actuality. For those who feel the numbers are inaccurate read on to see how to appeal. Do not forget the date is earlier than most people think - January 15th.
Monmouth County and Holmdel in particular manages the assessment process differently in recent years. It is called the Assessment Demonstration Program. In fact the Holmdel Tax Assessor is one of the co-authors on the details of the newer program . In the most recent report's introduction, the document describes in detail how the program works in Monmouth County.
The 2019 report states, "The Assessment Demonstration Program (ADP) is a collaborative system of property assessment between the County Board of Taxation and the locally deployed municipal assessors. The traditional revaluation model is now a relic of the past, replaced by annual reassessments to market value. By leveraging technology, increasing education standards; and utilizing advanced appraisal techniques, we are pleased to report a more cost-effective, accurate and transparent process of real property assessment."
The authors, Matthew Clark, CTA, Monmouth County Tax Administrator Erick Aguiar, CTA, Assessor: Asbury Park, Holmdel, Bradley Beach, Rumson, and Loch Arbour Alex J. Worth, CTA, SLREA, Assessor: Middletown and Interlaken, make a strong case for the success of the program. Key points of success:
- The Alternative Calendar has avoided the budgetary collection shortfall in Monmouth County by $23,450,530 from 2014-2018.
- If used Statewide, the Alternative Calendar from 2014 through 2017, would have saved an estimated $186,724,611.
- By saving energy, paper and time, you also save money. In a first for the State of New Jersey, tax appeals, chapter 91 income and expense requests, farmland applications, assessor corrections of errors, the application for reassessment, the commercial income approach to value and a request to review an assessment in the pre-tax year can all be done online.
- The ADP added 10 hours to the state’s continuing education requirements, however, ADP assessors have averaged 30 hours more per year
- The ADP towns in Monmouth County have the most accurate assessments in recorded history. Tax distribution is on average 36% more accurate
- Independent review of the ADP resulted in, a “Top 25 Program” showing in the 2018 Innovations in American Government Award competition and the online appeal system was recognized as part of the 2015 Bright Ideas, (J.F.K. School of Government, Harvard University). Moody’s Investors Service featured the ADP in both 2014 & 2017 for appeal reductions and reassessment frequency and noted, “Fairness has surprising impact on credit quality”
What does this mean for local families? If you review your assessment and do not agree with it, you can appeal. Critically important are two things. The deadline is January 15th. Miss that date and you sit out until next year. The second is that you can do all of this online and quite easily with low fees. The comparable values can be searched right online and you really don't need to hire a professional if you do not want to do so.
The mailing this week has handy information on common questions, such as:
- What if I have an appeal in the current year?
- How do I change my mailing address?
- How do I make payments?
- Does the Township of accurate data from my property?
You can call the office of the tax assessor for more assistance their phone number 732-946-28220 extension 1432 - that office also helps with applications for senior and disabled deductions as well as veteran deductions or exemptions.
Questions for billing would be addressed to the office of the tax collector - they can be reached at 732-946-2820 extension 1411.
Ready for an appeal? Start HERE