The West Long Branch property revaluation has been completed, and the value of the average borough home has been lowered as a result.
Reality Appraisal Company (RAC) of New York was hired by the borough to revalue all properties in the borough last year and finished the process earlier this month. Representatives from RAC inspected homes to see if any changes were made since the last property revaluation was performed in 2000.
The revaluation has resulted in a 17 percent reduction in the total assessed value of all West Long Branch homes; a drop of $230 million, borough Chief Financial Officer Gail Watkins said today.
The average price of a borough home was $472,000 in 2012. After the revaluation, the average borough home is valued at $383,000, Watkins said.
Borough Clerk Lori Cole has said the borough was ordered by the Monmouth County Board of Taxation to hire a company to perform the revaluation last year.
The revaluation will cost the borough $187,000 and will be financed over five years. A fifth of the cost has been included in the 2013 budget, which was introduced yesterday by the West Long Branch Council.