Reassessment has upped Asbury Park's overall property value by 20.06 percent, or $274 million over 2017, according to a report on the city's website.
The preliminary net valuation for 2018 is $1,643,020,400, as opposed to $1,368,550,700 for 2017.
The updated valuation means an increase in the local tax levy. But not every property owner will pay the same increase in taxes. Owners of property with an assessment of less then 20.06 percent "will pay a lesser proportionate share of the tax levy," according to the Asbury Park 2018 Reassessment Report.
Owners of property with value exceeding 20.06 percent "will pay a greater proportionate share of the tax levy," the report says.
Click here to read the full report.
The preliminary net valuation for 2018 is $1,643,020,400, as opposed to $1,368,550,700 for 2017.
Owners of property with value exceeding 20.06 percent "will pay a greater proportionate share of the tax levy," the report says.
Click here to read the full report.
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