First Town Revaluation in County Regionalized Assessor's Office Completed Swedesboro Revaluation shows decrease in 2011 taxes of $436 for average Residence
(Swedesboro) - Revaluation notices will be mailed this week to Swedesboro taxpayers, advising all taxpayers of their preliminary assessed value for 2011. The revaluation projects a decrease in 2011 taxes for the average residential property. Appraisal Systems Inc. (ASI), the firm selected to conduct the revaluation, estimated 2011 taxes utilizing the total 2010 Amount to Be Raised By Taxes.
"Swedesboro has not undergone a revaluation since 1993 and as a result taxes were not fair. Under our reform initiative property will be accurately and fairly assessed. This is positive news for our taxpayers," said Freeholder Director Stephen M. Sweeney.
"County-based assessing will save of our taxpayers money. Once fully implemented, municipalities will save $1.5 million a year from county-based assessment. I am pleased with the progress of the County Assessor's Office, it is shrinking the size and cost of local government" said Freeholder Director Sweeney. Not all property owners will see their individual taxes decrease, but taxes will be based on true value and fairly administered.
In 2010 Swedesboro's overall tax rate was calculated based upon assessed values that were set at an average of 47.80% of true value. In 2011, tax bills will be based upon new, market value assessments. ASI's analysis projects a decrease of $436 in 2011 taxes paid by the average residential property. This "apples to apples" comparison assumes no increase in the Total Amount to Be Raised by Taxes in 2011.
In 2010 the average residential assessment was $96,105 (47.80% of true value). After the field work for revaluation that began in the spring, which took into account the present day real estate market, the average residential assessment for 2011 is $187,702 (100% of true value). The 2010 Assessed Value for residential property in Swedesboro was $72,847,700 and the 2011 Assessed Value for residential property for 2011 is $148,660,300.
Although the average assessment and total assessed value of Swedesboro has increased in value, the average residential tax impact will decrease by fairly spreading the total taxes apportioned among all the properties in the Borough. By utilizing common sense rules and new technology the County Assessor's Office will be able to sustain a fair assessment system that maintains a high equalization ratio, staying as near to "true value" as possible.
"What we are seeing is the results of a program that is modernizing outdated and costly revaluations. The technology and tools that we have today no longer justify each town to perform tax assessing in the same fashion as 50 years ago," said Freeholder Frank J. DiMarco, liaison to the Assessor's Office.
National Park is scheduled to receive their revaluations notices next, and Glassboro and West Deptford are scheduled for completion after the beginning of the New Year. The 2011 municipalities slated for revaluations by the County Assessors Office are Deptford, Westville, Mantua, Woodbury, Woodbury Heights and East Greenwich.