Annually, in late September, a report is published by the State of New Jersey, Division of Taxation known as the “Table of Equalized Valuations”.

This report lists the certified Average Ratios in each municipality in New Jersey. It is calculated by comparing assessed values in given years with the actual arms-length sales of properties in the municipality on a property class basis. Property classes include vacant land, residential, and commercial properties. The end result or Weighted Ratio is one of several measures that can be used to determine the accuracy and uniformity of assessing practices within the taxing district.

The Ratio for 2006 for Little Egg Harbor Township is: 100.00%

This number will be referred to as the “common level” or average ratio of assessed to true values. It may assist the taxpayer in determining if the assessed value placed upon his/her property by the Assessor and Ocean County Tax Board is fair. As a general guide, you will first have to determine the market value of your property. A review of similar properties that have sold in arms-length transactions, a recent appraisal by a competent professional or a recent sale of the subject property could be utilized to this end. Multiplying the appraised value times the “common level” ratio will produce a number that can be compared to your actual assessed value totals.

Example:     Property Value   x    Ratio (100.00%) 
$300,000.                 1.00   =    $300,000.

Assessed Value – $295,000.  (Fair)
Assessed Value – $320,000.  (High)

You will be notified annually on or before February 1st of the tax year of the assessed value of your property. The annual notice is in the form of a post card mailed to the address of record. The notices includes a land, building and total assessment for administrative purposes as well as prior year’s annual taxes exclusive of interest, penalties and/or added assessments. You should not use this notice for federal and state income tax purposes.

Lastly, there are periodic assessed value changes that are made annually on a neighborhood-wide basis. Recent legislation requires submission of a plan and subsequent approvals from the County Board of Taxation and the State Division of Taxation as well as notice to the municipality prior to implementing these changes. These changes are necessary in order to maintain acceptable levels of assessments within the municipality. Since the Assessor’s Office is clearly responsible with maintaining assessments as close as possible to full and fair market value, annual changes in assessments must be made to adjust for value changes experienced in area neighborhoods.