Annual Reassessment FAQ

To Residents/Property Owners:

The Assessment Demonstration Program, established by state law in 2013, requires Neptune City to conduct annual reassessments of all properties at 100% of market value. Each November, the Tax Assessor reviews every property using current and previous years’ sales data and adjusts assessments accordingly. About 350 properties are physically inspected each year, ensuring every property in the borough is inspected once every five years. This ongoing process keeps assessments accurate and uniform, prevents costly and disruptive full revaluations, and ensures property taxes are distributed fairly based on true market conditions.

Property taxes in New Jersey are determined by multiplying a property’s assessed value by the annual tax rate, which is calculated by dividing total budget needs—municipal, county, and school—by the total assessed value of all property in the borough. Because the system is revenue-neutral, reassessments do not create additional tax revenue; taxes rise or fall based on budget requirements and market values. Home improvements can increase assessments, but broader economic factors also influence property values. Residents who believe their new assessment does not reflect market value may file an appeal by January 15th using comparable sales data. For questions, property owners can contact the Borough Tax Assessor, William FitzPatrick at 908-675-5987 or wfitzpatrick@neptunecitynj.com.