Revaluation of West Long Branch Properties Beginning Soon

West Long Branch residents should already be receiving letters in their mail telling them that their home and all borough properties are being revalued this summer.

Reality Appraisal Company (RAC) of New York was recently hired by the borough to revalue all properties. Representatives from RAC should be going out shortly to inspect homes to see if any changes have been made since the last property revaluation was performed in 2000.

Some property values may increase as a result of the study while others may stay the same or go down.

Borough Clerk Lori Cole said the borough was ordered by the Monmouth County Board of Taxation to hire a company to perform the revaluation this year.

She said the revaluation supposed to be completed by October and that the new values would take effect in 2013.

The data collected on the properties will be turned over to the board of taxation to either be accepted or rejected in setting next year’s county tax rates.

Before next year’s tax bills are mailed, borough property owners will be notified by mail as to the latest value of their home or business.

Cole said residents are allowed to dispute the assessments before they are sent to the county. They are entitled to a hearing with the borough tax assessor's office and representatives from RAC.

The revaluation will cost $187,000 and will be financed over five years. A fifth of the cost to be included in the 2013 budget.

The current municipal tax rate is 52 cents per $100 of assessed value and the average home is valued at $471,322.