Freehold Twp. gears up for planned revaluation
BY ELANA ARON
Correspondent

FREEHOLD TOWNSHIP - Munic-ipal officials hosted an informational meeting on the upcoming revaluation process on June 25 at the township senior center, Jackson Mills Road.

The meeting, which served as a guide to the assessment and budget processes, was well attended, with many residents voicing questions and concerns. On the panel were Steven Rubenstein, of Realty Appraisal Company, the revaluation firm hired by Freehold Township; township tax assessor Helen Ward; Director of Finance Debra DeFeo; and Township Administrator Thomas E. Antus.

The meeting began with a general overview of the revaluation program, how and why a revaluation is performed, affects of property assessments on taxes, the budget process, the creation of tax rates and the application of this information to each individual resident.

"Government can make everything complicated, but it's really a fairly simple process," Antus said. "There are a number of people involved in this process. What we want is for you to understand as much as humanly possible."

Property revaluations, which occur about every 10 years, will look at the conditions of a home including physical deterioration, functional obsolescence and external depreciation factors.

"We have to appraise your home in its current condition," Rubenstein said. "We want to restore the relationship between revaluation and market value. Every property in Freehold Township is going to be appraised as of Oct. 1, 2007. We're going to be looking at the real estate market now. It's a snapshot of the community on Oct. 1. Whatever the market tells us houses are selling for on Oct. 1 will be the revaluation."

In her comments, Ward said, "The county tells us, more or less, how to do a revaluation. Our maps have to be very accurate. The county tax administrator is the one who actually oversees us."

According to the panel members, the revaluation process is undertaken when there is a lack of uniformity in the distribution of the tax burden within a municipality.

The three approaches to value that were outlined included the state of the market and sales, replacement cost approach, and income approach for non-residential properties. Some of the noted causes of equalities in property assessments included inflation and recession, desirability of architecture, and legislation regarding wetlands and zoning.

Part of the meeting was devoted to dispelling some popular myths about the revaluation process. Top-ranked was the idea that once an assessment doubles, property taxes will do the same.

"Absolutely not true," Antus said. "The assessment is not directly proportionate to your taxes."

Annual budget processes were discussed at length, with an outline of tax dollar allocations. In 2006, the county tax was 17 percent of every dollar paid in property taxes; school taxes (elementary and high school districts) were 68 percent of every dollar paid in property taxes; municipal taxes were 13 percent of every dollar paid in property taxes; and fire district taxes were 2 percent of every dollar paid in property taxes.

"The value of your home does not change the fact that we need $12 million to run the town," Antus said.

Home inspection procedures will begin with a letter of introduction, then individual home inspections, which will be conducted from July through December, and a written notice from the revaluation firm outlining the appraisal value of the property and advising residents of their rights to attend individual informal reviews confirming property value.

"When you get that letter, just take a deep breath," Antus said. "It's gonna be all right. Or mostly all right."

Letters containing the new property tax assessments will be mailed to property owners in December, with individual appointments for assessment reviews being held in December and January. The new assessments will be in effect in 2008 as each taxing authority develops its new budget.

For more information contact the Monmouth County Board of Taxation at (732) 431-7404 or the Freehold Town-ship Municipal Building at (732) 294-2000.