REASSESSMENT SET TO TAKE PLACE IN AVALON

The Borough is conducting a property reassessment of all residential and commercial properties. The new assessments will be in effect for the 2011 tax bills in Avalon.
“Avalon is taking this proactive approach to respond to the nationwide trend in declining property values”, Avalon Mayor Martin Pagliughi said. “We did not wait for the county to order a reassessment. We approached the Cape May County Board of Taxation and the New Jersey Division of Taxation for authorization of the reassessment so our property owners can pay a fair amount of taxes on their properties at true market value”.
This will be the third adjustment in property assessments in the past ten years in Avalon. In 2001, a Borough-wide revaluation was held that largely increased the value of properties. In 2005, another in-house reassessment was conducted. The latest property reassessment in Avalon will also be conducted in-house, which will result in considerable savings to the Borough and will continue to keep property assessments current in the community.
“The Borough currently has a ratable base that exceeds $8 billion”, said Avalon Councilmember Chuck Covington, a member of Avalon’s Finance Committee. “We owe it to our property owners to establish a fair and equitable value for their properties as dictated by current trends in the real estate market that have affected communities nationwide”.
The current overall tax rate in the Borough of Avalon (including county and school taxes) is $0.409; the current municipal tax rate in Avalon is $0.193.

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