Fair Market Value Assessments
Ratables Up, Tax Levies Up, Most Rates Still Coming Down
By
Dennis De Klerk, Township
Assessor
Revaluation of property in Southampton
Township was completed on schedule and under budget. As a matter of fact $20,000.00 has been cancelled from the
reassessment budget to replenish the township’s general fund. The County Board of Taxation has calculated
a new assessment to sales ratio for the town and it indicates
assessments to be 101.02% in relation to actual market values. The new ratable base is up 170,041,675 over
2002 putting the 2003 town total at 708,119,409. The average residential assessment is now 148,600 as opposed to
the average of 109,400 from 2002.
This statistical mélange adds up to
some good news for most tax rates. Even
though tax needs are increasing, dispersing higher levies over a revalued tax
base has the effect of lowering the rate.
In fact, the following rates have been estimated already.
·
Local
School 2002 - 1.401 Local School
2003 - 1.12
·
Lenape
Regional 2002 - .764 Lenape
Regional 2003 - .68
·
Municipal
2002 - .168 Municipal 2003 - .168
The local school is pre-referendum therefore the
2003 estimate can be
expected
to change.
Market
assessment also ensures that the tax burden is fairly redistributed through out
the community. Previously un-assessed
improvements now get thrown into the mix, under valued properties now tow the
line, and the township is assured of a more equitable share in county and
regional school budgets.
The residents of the township must be recognized for
their interest and cooperation through out this process. Given the magnitude of the job and the
uncertainty felt by many, they involved themselves in the process with forbearance. All residents who met with me had genuine
questions or concerns and, I believe, came through with a greater understanding
of property assessment.
The clamor over reassessment will probably increase
in the near future. As the real estate
market appreciates assessments will stagnate. Other towns throughout the
county are facing the prospect of revaluation where delay can mean greater
fiscal shock to property owners. Thanks to the implementation of this project, Southampton is now ahead of the curve. This fair market value program was well
timed and will serve the township for years to come.