Manchester – The Ocean County Board of Taxation   recently approved a one year extension of the completion of the Reassessment in   Manchester. A request for the extension was submitted by the township Assessor   Martin Lynch due to the recent changes in the real estate market.

The Ocean County Board of Taxation ordered the township to conduct   a reassessment in January of 2005 to be completed by tax year 2008. The   extension changes the completion date to 2009. The real estate market has gone   through significant changes since the start of the reassessment. This additional   year will allow the Assessor’s office to continue to review sales that have been   impacted by the changes in the overall market. Reassessment is the process of   appraising all real estate in a municipality according to its full and fair   value, to ensure that each property owner pays their fair share of taxes. The   process is revenue neutral, meaning the purpose is not to raise property taxes.   The purpose is to ensure that the property tax assessments are fair and   equitable. The last reassessment in the township was in 1997.

The inspections of the more than 15,500 homes and commercial   properties have been completed. Those homes will not need to be inspected again   because of the one year extension. The notice of the new assessed values for   each property will be mailed in the fall of 2008. Residents will be given the   opportunity to arrange for an informal review of the new assessments. The impact   of the new assessments will not affect the property owner’s tax bill until the   2009 tax year.

If any resident should have a question or concern related to the   reassessment, they should contact the Tax Assessor’s office at 732-657-8121.