Carteret, NJ – Mayor Dan Reiman announced today the average Borough taxpayer will receive a $200 tax cut for the 2017 calendar tax year. In 2016, the Borough of Carteret conducted a revaluation of town wide properties to take effect in 2017. The purpose of the reassessment was to bring Carteret in line with the actual fair market values of properties.
Representatives from the appraisal company visited and inspected every property in Carteret. Through each inspection the properties were assessed by numerous variables including size, condition, and type. The 2017 assessments portray fair market values for residential and industrial properties based upon the representatives’ evaluation.
“As a result of our aggressive efforts to expand our industrial, residential, and commercial tax base by attracting new business development to Carteret 67% of all residential property owners will see their property taxes reduced by some amount” said Mayor Reiman.
The total 2017 estimated tax rate has been cut to 2.62 from the 2016 rate of 3.17, with an overall tax decrease of $205.66 to the average homeowner. The average property value of residential housing in Carteret has increased from $206,880 in 2016 to $241,393 in 2017.
The ratable base has grown from $998 million in 2005 to $1.8 billion in 2012 and $2.4 billion today. Mayor Reiman noted that the Borough’s ambitious approach to developing new ratables and new commercial industry contributed to stabilizing residential taxes. “We have experienced a substantial growth period in the last 10 years with over $1 billion in new construction in our commercial, industrial and residential property classes” Mayor Reiman stated.
Mayor Reiman has urged all property owners to carefully review their property record cards for any discrepancies or if a homeowner feels an assessment is in error and too high to meet with the Tax Assessor or file a tax appeal by the May 1ststatutory deadline.
The 2017 budget of $44 million uses $2.5 million in surplus reserves to offset any tax increase, and comes in $2.214 million below the state levy cap and $1.1 million below the appropriation cap. The Mayor’s 2017 budget appropriates $2.12 million for capital improvements like road repairs and $310,000 for sewer upgrades.
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