Mayor: Little Silver Can't Put Borough Revaluation 'On Hold' [VIDEO]

Dentss Dunnagun January 29, 2013 at 10:09 pm

It was a very civl meeting ....now that most waterfront homes are assessed at over 50% of their true value once a waterfront home sells for it's real market value the tax appeals will bury the budget in 2013 ,unintended consequences of New Jersey's horrific property tax mess .

Cindy Kirk January 30, 2013 at 12:32 am

Little Silver is rapidly becoming a town that is making it impossible for it's residents to afford to live here with the enormous property taxes. This was once a town that was very desirable for many new families but now it is becoming known for its high taxes. Last night's meeting was a sad reality for many LS property owners who can no longer afford to pay their property tax and now cannot even sell their homes due to the increasing taxes! What a dire situation for this entire town. No matter where your home is in Little Silver, everyone will eventually suffer.

Michael January 30, 2013 at 08:14 pm

Several thoughts:
1) Do the assessments adjust for the impact of the Biggert-Waters Flood Insurance Reform Act of 2012 (BWFIRA) passed prior to finalizing? Subsidies for NFIP are going away and rates will be based on actuarial risk. The "comparables" used sold before this BWFIRA passed and do not reflect its impact. Homeowners may now be paying “$31,000” (or more) unless the owner mitigates risk by raising their homes – a quote straight from Christie earlier this week on adopting the ABFE. How will increased flood insurance rates and now taxes affect the ability to: 1) afford that home, 2) to sell that same home, and therefore, 3) the true market value of that home adjusting for Sandy and the BWFIRA? 2) The change in assessments do not change the town budget. The assessments distribute that budget on the assumption if your property is worth more you can afford more. Affordability is not based on a house value – it is based on your salary/income which is not determined by the house you bought – potentially years ago. How is this far? Seems like we are taking people hard hit by Sandy and kicking them while they are down – twice! Where does common sense come into play over politics?

Michael January 31, 2013 at 01:58 pm

BTW - the impact to little silver is not just on waterfront homes. My understanding is about 20% of the homes were affected by Sandy many not on the water. The increase on NFIP rates and the impact on resale touch all of those. This is a town wide issue.