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Borough
of Wildwood Crest
Revaluation Project Begins
The
Borough of Wildwood Crest, as a result of an order by the Cape
May County Tax Board, has contracted with Vital Computer
Resources, Inc. of
Trenton
to perform a complete revaluation of all real estate property
within the Borough of Wildwood Crest. Vital Computer Resources,
Inc. presently provides services to over 300 municipalities in
the State of
New Jersey
.
The
revaluation program is the task of measuring, inspecting and
collecting data for all properties in the Borough of Wildwood
Crest, for the purpose of estimating the current fair market
value of those properties. In
New Jersey
, properties are to be assessed at 100 percent of value as of
Oct. 1 of the pre-tax year. The estimate of the current fair
market value of all property will be as of Oct. 1, 2008, and
will become the tax assessment for the 2009 tax year.
This
revaluation is not being conducted to raise money for the
Borough of Wildwood Crest, the
County
of
Cape May
or the State of
New Jersey
. The sole purpose is to estimate a fair market value for each
property, thereby equitably distributing real estate taxes.
During the revaluation program, all properties are physically
inspected and outside building dimensions are noted, to help
insure the same standard of value. This achieves the purpose of
equalizing property assessments, and therefore equalizing
property taxes.
A notice
will be mailed to each property owner in the borough prior to a
field representative visiting their neighborhood, advising them
that they should expect such a visit within a few months.
Property owners are requested to allow access to the property
for inspection of the interior. Exterior measurements of all
buildings will be taken. All employees of Vital Computer
Resources, Inc. will have a photo identification signed by
municipal officials. Residents should ask to see these documents
prior to allowing the interior inspection of their property. All
Vital employees and their automobile descriptions will be
registered with the Borough of Wildwood Crest Police Department.
Upon final
review of all data and calculations, the revaluation firm will
mail to each property owner a notice advising them of their new
assessed value. The notice will also explain how to arrange for
a personal, informal review to discuss the proposed assessment
with a representative of Vital Computer Resources, Inc.
Once the
revaluation program is completed, the new tax rate for the 2009
tax year will not be determined until the new assessments are
filed with the Cape May County Board of Taxation and operating
budgets for schools, county and local government are fixed.
Budgets are not completed until several months after filing the
tax list. You should not apply the 2008 tax rate to your new
assessment. Due to the anticipated increase in the overall
taxable value of the Borough of Wildwood Crest, the 2009 tax
rate will be lower than the 2008 tax rate.
As the
revaluation progresses, additional information will be posted on
the borough web site, www.wildwoodcrest.org.
Vital
Computer Resources, Inc. would like to thank the residents of
the Borough of Wildwood Crest for their anticipated courtesy and
cooperation.
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