From the Red Bank Hub:
The total value of taxable property in the borough has increased from around $968 million to more than $2.2 billion after completion of the recent borough-wide reassessment.
Neil Rubenstein, president of Realty Appraisal Co., the firm that conducted the reassessment of borough properties, said Tuesday the total property assessment for the borough had increased more than 2 1/2 times from the previous level.
Rubenstein said taxpayers will have a chance to appeal the assessment increases.
Borough residents and other property owners received letters last week notifying them of the new, and invariably higher, assessed value of their properties.
Danny Murphy, owner of Danny’s Steakhouse and Seafood Grill, Bridge Avenue, questioned Rubenstein on the accuracy of recent comparable sales.
“A year ago,” he said, “the real estate market was hot. It’s been going down, so how can the sales of a year ago tell you anything about values now?”
Borough Tax Assessor Mitchell Elias, who was also present at the council meeting, said that the new assessed value of properties in the borough is based on what the market value of the property was on Oct. 1, 2006.
Elias said that Realty Appraisal was required to look at neighborhood property sales for the past three years, but that more weight was given to the prices that properties had sold for in 2006.
David Prown, Hillside Place, asked, “What if the most current sale in your neighborhood occurred during the hot period in the real estate market?”
Elias said that other, similar neighborhoods were also looked at, and that comparable sales of comparable houses in comparable neighborhoods were inspected to arrive at the assessments.