Little Silver: What's a Revaluation?
Here's a handy primer explaining the process that tries to more fairly distribute the tax burden in a municipality.
Last year, Little Silver was ordered by the Monmouth County Board of Taxation to establish current market value as a basis for their tax assessments.
Under a borough-wide revaluation, homes and businesses are inspected for their comparable assessed worth in an effort to more fairly distribute the tax burden. Local government and school tax levies are comprised of tax points, which are literally every cent a resident pays in property taxes per $100 in assessed value.
While some residents may see their assessments and consequently their tax bills increase under a borough-wide revaluation, the process is intended to correct inequities in the tax base that may develop over time.
Check out the attached "What Is Revaluation?" guide that details the appraisal process as well as how to file an appeal.