LONGPORT – The ratio of current assessments is out of line with the true value of homes being sold, Atlantic County recently told borough officials. The Atlantic County Board of Taxation has ordered that the borough conduct a revaluation of all real estate holdings in the borough.
Nearby Margate has also been instructed to conduct a revaluation.
According to Tax Appeal Attorney Pacifico “Pat” Agnellini, the borough received notice from the county to do a municipality-wide revaluation of all real estate.
Agnellini said the current ratio of assessments to sales prices is currently at 62.9%. A revaluation or reassessment becomes necessary when the yearly ratio drops below 85%.
“It should be closer to 100%,” he said.
The last time Longport conducted a revaluation was in 1993; a reassessment was completed in 2012.
Agnellini said the borough will go out to bid for the revaluation by the end of year seeking companies to conduct inspections and set new valuations. The revaluation must be completed by Dec. 31, 2026, for tax year 2027. Currently there are only five companies in New Jersey that do this type of work, Agnellini said, and there are only two in the South Jersey area.
“We are only expecting, at best, two bids,” he said.
Longport currently has 1,700 line items to be reviewed, and the borough tax assessor “guesstimated” that it will cost approximately $200,000-300,000. At least 50% of the homes in the borough must have interior inspections, so it is likely that assessors will be canvassing streets during the summer months when many second homeowners are vacationing here. Attempting to gain access during the winter months may be futile.
“The appraiser must try at least three times to gain entry,” Agnellini said. “You may get some pushback about people getting in their houses during the summer.”
Agnellini spoke about the “one third” rule, which indicates that on average, a third of the properties will have their assessments lowered; a third will have them increase; and a third will remain unchanged.
Because local budgets are fairly stable, including for school taxes, there should not be a significant increase in taxes, he said.
“Any increase in taxes won’t be as dramatic as the increase in assessments,” he said.
The Board of Commissioners will have to include the cost of doing the revaluation in next year’s budget, but the borough could employ an emergency appropriation and pay for it over a five-year period, Chief Financial Officer Jenna Kelly said.
The borough will have to investigate if the town’s tax maps need to be updated as well.
“You can ask for an extension if there are things beyond your control,” Agnellini said.
For example, if the tax maps need to be updated, or if there is no company available to conduct the inspections or if the cost comes in at an outrageous amount due to having only one bidder, the borough could ask for an extension, Agnellini said.
“We’ll have to cross that bridge when we come to it,” he said.
In other business, Police Chief Frank Culmone announced that he would retire on Jan. 30, 2026. Administrator Pat Dellane said the borough would start interviewing candidates to replace him in the coming weeks.
Additionally, the board discussed increasing beach tag fees by $5 next year. The sale of beach tags nets about $250,000 in revenue, but it costs more than $700,000 each year for beach maintenance, Commissioner Dan Lawler said.
Increasing the fee by $5 across the board will raise an additional $75,000-80,000, Commissioner of Revenue and Finance Jim Ulmer said.
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