SEA GIRT — The annual total property assessment in the borough in 2025 will be about 5.6 percent higher than it was this year, the borough tax assessor reported at Sea Girt Council’s Dec. 11 meeting.
“I am here to explain the 2025 tax values, where we’re at, and where we may be going,” Borough Tax Assessor Scott Kineavy said during a presentation on property valuations at the meeting.
According to Kineavy, in 2013, state legislation was passed ordering all Monmouth County towns to enter into an Annual Reassessment Program, meaning that instead of completing a revaluation every 10 to 15 years, towns are required to adjust the numbers annually.
“That would mean the tax accessor goes in and they change the total assessed values based on the sales that are occurring during that year. That means a lot – sometimes they go down, sometimes they go way up,” he said, adding that market values from inflation have risen since the COVID-19 pandemic, and numbers have had to adjust accordingly.
“The town requires the annual adjustment to be at 100 percent of market value,” Kineavy said. He added that the assessments are garnered by looking at sales based on the assessment sales comparison approach, and then would be raised or lowered based on whatever the ratio is.”
“We go block by block, and we compare the sales to the assessments. Each block will kick out a separate ratio. If the ratio is at 95 percent, those assessments are going up five percent,” Kineavy said, for argument’s sake. “If the ratio goes down, meaning 105 percent, we’re too high, those assessments go down.”
For 2025, he said, the borough’s total ratio is 94.6, prior to the necessary adjustments. This means that the total property assessments went up about 5.6 percent, based on sales.
“Most people are seeing an average increase in their assessments going through…about $100,000,” said Kineavy.
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