WHAT IS A REVALUATION?
A revaluation is a program undertaken by a municipality to appraise all real property within the taxing district according to its full and fair value.
WHAT IS MEANT BY FULL AND FAIR VALUE?
Full and fair value is the price at which the tax assessor believes a property would sell at a fair and bona fide sale by a private contract on October 1 of the pretax year. The sale must be between a willing buyer and a willing seller. For example, the buyer is not obligated to buy, and the seller is not obligated to sell.
WHY IS THERE A NEED FOR A REVALUATION?
A revaluation program seeks to spread the tax burden equitably within a municipality. Real property must be assessed at the same standard of value to ensure that every property owner is paying his or her fair share of the property tax. For example, two properties having essentially the same market value should be paying essentially the same amount in property taxes. Inequitable assessments result from the following situations:
- changes is characteristics in areas or neighborhoods within the municipality and within individual properties;
- fluctuations in the economy (inflation, recession);
- changes in style and custom (desirability of architecture, size of house);
- changes in zoning which can either enhance or adversely effect value;
- delays in processing building permits which delay tax assessments on new construction.
Gloucester County Assessor's Office is conducting an in-house reassessment in Harrison Township starting November 2015 continuing through December 2016 effective for the 2017 tax list