Red Bank property owners: it’s reassessment time. So prepare to find in your mail an innocuous looking white envelope from a company called Realty Appraisal Co.
And brace yourselves.
We here at redbankgreen got ours just minutes ago, showing a current market value on our house and yard of $409,300 more than double the present assessment of $200,300.
Not that you should panic, of course. As the letter says:
This value will be used for assessment purposes beginning in the year 2007. Since new appraisals have been made to reflect current market values, the TAX RATE required to raise the necessary revenue to support this year’s county, school and municipal budgets will be SUBSTANTIALLY REDUCED. Therefore, an increase in your assessment DOES NOT necessarily mean and increase in your tax bill.
It goes on to say that a representative of Realty Appraisal will be available at Borough Hall next Tuesday, Wednesday and Thursday to meet with property owners and collect any evidence they might present, presumably if they wish to dispute the valuation, though the letter makes no mention of disputes, challenges, appeals or any of that nasty stuff. Appointments are necessary.