(West Deptford, NJ) - Freeholder Director Robert M. Damminger said today that Revaluation notices will be mailed this week to West Deptford taxpayers advising them of their preliminary assessed value for 2011. Damminger said that the revaluation projects a decrease in 2011 taxes for the average residential property by $276.43.
"As a result of Senator Stephen Sweeney's County Assessor reform initiative, West Deptford taxpayers will finally be paying taxes based on a fair system of true market value," said Director Damminger. "In addition, the Freeholders are working to cut the budget and lower county's taxes even more in 2011, and that should be reflected in West Deptford's 2011 final tax bill," said Damminger.
Damminger said that the last time a revaluation was completed in West Deptford was 1994. In 2010 West Deptfords overall tax rate was calculated based upon assessed values that were set at an average of 55.62% of true value. The average residential assessment in 2010 was $117,549 (55.62% of true value). After the field work for the revaluation was completed, taking into account the present day real estate market, the average residential assessment for 2011 is $208,179 (100% of true value).
The average 2010 tax bill in West Deptford was $5168, and is projected to be $4892 in 2011. The Total Tax Rate would decrease from $4.397 to $2.35 now that all properties are assessed at market value.
In 2011, tax bills will be based upon new, market value assessments. ASIs analysis (the company who performs the revaluation) projects a decrease of $276.43 in 2011 taxes paid by the average residential property. This comparison assumes a 2% increase in the total 2011 Amount to Be Raised by Taxes (county, school, and municipal), the tax liability for the average residential tax bill will decrease by $276.43.
The 2010 net value taxable for property in West Deptford was $1,425,466,200 and the 2011 Assessed Value for all property for 2011 is $2,718,082,101.
Appraisal Systems Inc. (ASI), the firm selected to conduct the revaluation, estimated 2011 taxes utilizing the total 2010 Amount to Be Raised By Taxes. Taxpayer meetings with ASI representatives will be held at RiverWinds Community Center beginning Thursday, February 24th.