OCEAN CITY — The city is conducting a modified revaluation next month that should save money for taxpayers and inconvenience for homeowners.
The city's contractor, Vital Computer Resources of Trenton, will conduct a fraction of the home inspections compared to those made during the last property revaluation in 2002.
The company will determine the assessments for Ocean City properties as of Oct. 1, 2007, so the new numbers can be used on 2008 tax bills.
Ocean City is under orders by the Cape May County Tax Board to conduct the reassessment, Tax Administrator George R. Brown III said.
Despite a relative slowdown in home sales recently, Ocean City's sales prices are still far out of line with assessed values, he said.
Ocean City now has $8.1 billion in assessed property.
“There was $270 million in new construction in Ocean City,” Brown said. “That suggests things have not really cooled off.”
Shore towns used to go five to eight years between revaluations. Now they are going two to three, Brown said.
Lower and Middle townships, West Cape May and Woodbine are conducting revaluations for 2007. Besides Ocean City, Sea Isle City and Wildwood Crest are conducting them for 2008.
Vital Computer Resources has conducted these adjustments in 300 towns in New Jersey.
Company employees will inspect some but not all properties on the island, including homes recently sold, recently built homes or businesses and properties where evidence is found to suggest current records are incorrect.
Employees at the company must present identification to property owners before any inspection.
Tax Assessor Joe Elliott said his office is keeping tabs on property-sales trends on the island.
“There is a little anxiety among homeowners. Clearly, the market is slowing down,” he said. “We'll follow the market and look at the best sales until Oct. 1, 2007, to make sure we have our thumb on the changing market.”
The “hybrid” reassessment will cost the city about $800,000 compared to a complete revaluation which would cost as much as $1.4 million based on the company's latest bids, Elliott said.
To e-mail Michael Miller at The Press: