Reassessments Cost Township $134,288 in Tax Revenue

Following the devastation that Sandy wreaked on Lacey, 82 homes were deemed at least 50 percent damaged, costing the township $134,288 in tax revenue, Township Administrator and Municipal Clerk Veronica Laureigh said.

Lacey homeowners were able to file for reassessment after Hurricane Sandy. The township received notices for 295 residential properties, 28 percent of which met the threshold to qualify for a reassessment, Laureigh said.

“The assessment of the property will be lowered based on the calculation provided by the tax assessor and the resident would therefore see a reduction in their tax bill as of Aug. 1,” Laureigh said. “They would pay a reduced amount on the improvement value not the property value.”

The total reduction amount of the tax adjustments is approximately $8.873 million. Taxes lost based on last year’s rate are approximately $134,288, she said.

The township will have to consider the lower assessment moving forward in the 2013-14 budget process, she said.

“The lesser assessment will be lower and we look at that as to what we need to raise in order to support the budget,” Laureigh said.

Once homeowners make repairs to their homes, the assessment will be reviewed and will be brought back to 100 percent or could reflect a higher assessment if the improvements are worth more than the original condition of the home, Laureigh said.

“Residents should move along with getting their houses livable,” she said.

Once completed, the tax assessor’s office will re-inspect those homes, she said.