Thursday, January 31, 2013
Ocean City's ratable base continues to decrease.
The combined value of all real estate in Ocean City continues to shrink, and that could lead to higher taxes for some property owners. Damage assessments in the aftermath of Superstorm Sandy and an ongoing project by the city to reassess properties based on lower market values could combine to wipe out about $900 million in Ocean City property value this year. Ocean City's ratable base is anticipated to be about $11.3 billion this year, down from $12.2 billion last year, according to Ocean City Finance Director Frank Donato. "The lion's share of that decrease will be from the compliance plan (the city's reassessment project), but appeals and storm damage assessments (which are still underway) are pieces of that decrease as well," Donato …
Tuesday, January 15, 2013
Taxes can be paid online through the city's website.
Tuesday, January 15
The grace period ends Feb. 11 for payments in the 2013 February tax quarter. Please be advised that postmarks are not accepted in accordance with the State of New Jersey tax laws, therefore the payment must be received by February 11, 2013. Taxes can be paid on line by visiting the Tax Collection page on the Ocean City website at www.ocnj.us/tax. If you are using the bill pay feature with your bank, please allow sufficient time, 7-10 days for your payment to reach us. The tax collection website is sent directly to our bank account whereas using the bill pay feature of your own bank will require a check to be sent to this office. The Tax Collection office is located at 861 Asbury Ave. and our office hours are 8:45 A.M. to 4:30 P.M. Monday…
Monday, March 26, 2012
The last day to file an application to appeal property tax assessments is Monday, April 2.
The deadline for Ocean City property owners to appeal tax assessments is April 2. The deadline for the appeals each year is April 1, but since that date falls on a Sunday this year, property owners will have until the end of the business day on Monday, April 2, to submit their applications, according to the Cape May County Board of Taxation. Since the market values of many properties have fallen since the city's most recent "hybrid reassessment" in 2008, many owners are potentially paying taxes based on overvalued property assessments. Last year, 622 of the 642 owners who filed appeals were successful. The assessed value of their properties was reduced by a combined $113,061,900, an average of $181,772 apiece. Since then, about 3,000 more …