>I read today in the Asbury Park Press that Middletown has finally started the process of redistributing the wealth around town, by launching the long sort after property tax reassessments.
This is something that the Township has been fighting against doing, tooth and nail, since the property tax revaluations went through a few a couple of years ago. The only reason why this reassessment is happening is to stop people and businesses in Middletown from filing tax appeal that have cost the town a few million dollars since, no other reason.
So when Middletown’s Municipal Attorney Brian Nelson is quoted as saying, “First and foremost, we’re doing this out of fairness to taxpayers, but the tax appeal costs were proving to be exponential.”, he was only being half honest. The township never does anything out of fairness to the taxpayers, they only do what is first and foremost fair for itself.
So with this reassessment that should be done before March of next year, there will be some winners and losers just as before. Some home and business owners will see their property taxes reduced, while others will see them increase based on their newly reassessed values.
This reassessment will not be the great panacea that people think it will be due to the fact that unless the Township cuts spending significantly next year they will not see a very big decrease in their property taxes. Middletown will still need to raise close to $42M through taxation to balance the FY’11 budget regardless. So instead of the tax rate being 39.85 cents per $100 of assessed valuation, that number may skyrocket upwards over .45 0r .50 cents per $100 of assessed value.
Make no mistake, this reassessment was not ordered out of goodness or fairness towards the average taxpayer in town, it was made in order to put a halt to all the tax appeal judgements that have been and continue to be lost by the town in court which have cost the township $millions.
I, like many others, just hope that the new reassessment of our homes will be low enough to make a difference. The town will be paying for it for a long time, but that is a post for another time.