By JOE FISHER
Field work and analysis will take place this year,” said borough Tax Assessor Steve Walters. It calls for an interior-exterior inspection of all properties, as well as an analysis of recent home sales, he said.
Properties in the borough are currently assessed at an estimated 80 percent of true market value, Walters said, with the an average assessment on a borough home at $550,677. The overall assessed value of taxable property in town is $1.156 billion, Walters said.
The new assessments, ordered by the state and Monmouth County, go into effect in 2014. The last one was in 2003, Walters said.
An emergency appropriation of up to $149,000 was introduced by the borough council Monday to pay for the reassessment. A second reading and public hearing on that ordinance will be held at the councils February 25 meeting. The measure allows the town to spread out the cost over the next five years. Bids for the work are expected to be sought shortly, said Mayor Ben Lucarelli.