MANTOLOKING — The storm that devastated this small coastal borough last October has raised another issue, this time with property values.
Mantoloking will undergo a town-wide reassessment of all taxable properties early next year to bring assessed value closer to the fair market value. Borough officials made the decision Wednesday morning, following the recommendation from the state’s tax board, Mayor George Nebel said.
“It’s the appropriate thing to do,” he said.
A reassessment is recommended when the ratio of assessed value compared to actual value dips below 85 percent. The state tax board put the borough at 83.73 percent.
Mantoloking lost 33 percent of its ratable — or taxable property — base when superstorm Sandy hit the Shore last October, said Gary DalCorso, a borough tax assessor. That hit cut the borough’s aggregate assessed valuation down to $1.084 billion, which in turn, diminished its ratio. The ratio was calculated considering the average true value for Mantoloking is $1.295 billion.
“It’s making the properties look more valuable than the assessed value, which is not the case,” DalCorso said. “We were devastated.”
Mantoloking resident Mike Becker said the borough reviewed property values after the storm. Officials gave zero value to any structure, considered an improvement, with more than 50 percent damage. DalCorso said about 100 structures might still have zero value under the new reassessment.
Since Sandy, though, people have done damage control and started rebuilding, Becker said, noting he isn’t surprised with the borough’s decision.
“It makes sense to do it on an individual basis,” he said.
A reassessment, unlike a revaluation, can be done in-house to avoid hiring an outside firm at a cost, DalCorso said. The borough has 570 properties to review, which he hopes to have completed by February.
The ratio of assessed value needs to be as close as possible to 100 percent to give the most accurate depiction of what a property is worth for tax purposes, DalCorso said.
Currently, the average assessed property value is $1,920,948 in Mantoloking and an owner whose property is valued at that average pays $11,544 in yearly taxes, he said.
Under a reassessment, about 1/3of residents will see their taxes increase, about 1/3will see a decrease and the rest will see their taxes stay the same.
Kristi Funderburk: 732-557-5748; email@example.com