Manalapan NJ plans property tax reassessment

As everyone in Manalapan Township knows, home prices have declined significantly since the 2007 property revaluation, which was intended to bring all Township property assessments in line with market value.

With homes selling for less than they did at the market peak, many Manalapan homeowners feel their homes are over-assessed and their taxes are too high. In the last couple of years, many residents have appealed their taxes in order to have their assessments reduced.

It has cost Manalapan Township a great deal of money to defend all these tax appeals.

So, the Township has decided to reassess all properties in town to the 2009 market value. When the Township receives state approval, Professional Property Appraisers Inc. will conduct the reassessment. They will not be visiting residents' home for this process.

But don't get too excited, Manalapan residents! When all is said and done, many homeowners may see little change in their property taxes.

You may ask, "How can that be if all the assessments are lowered to today's market value?" Here's why- The Township needs a certain amount of operating revenue, so when all the properties are reassessed, the town will have to change its tax rate so it receives essentially the same tax revenue overall. In other words, if the tax base is reduced, the tax rate will have to be increased in order to maintain the town's revenue stream.

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Lynn Michaels is one of the Top Producers in the Marlboro / Manalapan office of Weichert, Realtors. Whether buying or selling a home in Manalapan, Marlboro, Freehold or the surrounding areas, call Lynn for outstanding service and results.

Lynn Michaels (Cell) 908-804-3200 (Email) lynnmichaels@hotmail.com (Web) http://www.lynnmichaelshomes.com/