In November you will be receiving your 2022 Assessment Postcard in the mail from the Monmouth County Tax Board. We wanted to take this opportunity to provide some background on what is occurring with property assessments in the Borough of Deal and how it affects the Borough’s tax rate.
For tax year 2022, the aggregate value of Deal will be about 15.75% higher than it was in 2021. This does not mean your taxes will go up 15.75%. It means that the overall value of properties has increased. The valuation of all the properties within the Borough and the tax rate are proportional. If the Borough valuation increases, the tax rate decreases. We anticipate that the 2022 tax rate will be much lower than the 2021 tax rate due to these increased property values. If your assessment has increased less than the baseline (less than 15.75%), you will pay a lesser proportionate share of the Borough’s tax levy in 2022.
The assessment function serves as the distribution mechanism of the property tax levy which is a combination of municipal, school and county taxes. Since taxes are intended to be split up amongst the property owners based on the market value of the properties, it is critical that the assessment process is uniform, accurate, fair and transparent.
Frequently Asked Questions (FAQ) can be found below. The FAQs give better insight into the assessment function and provide information on how to file an assessment appeal should you feel your 2022 assessment does not reasonably represent the current market value.