Atlantic City is undertaking a city-wide property tax revaluation for 2020. Each property in the City will be reassessed this year at what is supposed to reflect market value as of October 1, 2019.
What is Market Value?
Market value is the price a property would sell for as of the valuation date where both the buyer and seller are not under any undue compulsion or duress to sell or buy. The best evidence of market value is a sale of a comparable property in an arms-length transaction within one year of the valuation date.
What is the next step?
Each property owner will receive a letter in the mail from the City notifying you of the new preliminary 2020 assessment and your estimated annual property taxes in 2020 (based on 2019 Atlantic City budget, not the 2020 budget).
What to do?
Property owners will have an opportunity to schedule a meeting with a representative of the revaluation firm hired by the City (Professional Property Appraisers) to discuss and attempt to lower the preliminary 2020 assessment before it is finalized. To be successful in this meeting, you will need to present evidence of comparable sales or other documentation to support a lowering of the preliminary 2020 assessment. Remember it is the assessment and not your estimated taxes that have to be evaluated.
If the revaluation company is unwilling to lower the preliminary 2020 assessment, you will have an opportunity to file a tax appeal challenging the 2020 assessment. The deadline for filing a tax appeal this year is May 1, 2020, which could be extended depending upon when the City finalizes the 2020 revaluation.