Harvey Cedars homeowners, take note—a property revaluation is on the horizon. According to a recent article by Eric Englund in The SandPaper, the borough has received a written order from the Ocean County Board of Taxation to conduct a revaluation, as the last one was completed in 2004, with the most recent reassessment in 2010. This process aims to ensure property assessments reflect current market values, which can significantly impact property taxes and real estate values. In a revaluation, an outside company performs the work, while a reassessment is an in-house procedure.

Why Is the Revaluation Happening?

Municipalities conduct property revaluations to maintain fair and equitable tax assessments. Over time, market conditions shift, and property values change at different rates. Without periodic updates, homeowners might be paying taxes based on outdated assessments, leading to disparities. The upcoming revaluation in Harvey Cedars seeks to correct these imbalances and distribute tax responsibilities more fairly.

What Homeowners Can Expect

During the revaluation, a professional appraisal firm will assess properties throughout Harvey Cedars to determine their current market value. This doesn’t necessarily mean all property taxes will increase; some may decrease or remain the same, depending on how individual property values have changed relative to others.

Property owners should anticipate communication from the borough regarding the process, including notices about property visits and opportunities to review assessments. Mayor John Imperiale emphasized the importance of this initiative, noting that it’s a necessary step to ensure fairness in property taxation.

Impact on the Real Estate Market

For buyers and sellers, updated property assessments provide a clearer picture of home values. Understanding the revaluation process can aid in making informed decisions about pricing and negotiations.

As a real estate professional specializing in Long Beach Island, I recommend staying informed about changes that could affect your investment. If you have questions about how this revaluation might impact your property’s value or your future real estate plans, feel free to reach out.

For the full article by Eric Englund, visit The SandPaper here.

Note: This blog post is based on information from an article by Eric Englund published in The SandPaper on February 12, 2025.