JACKSON TOWNSHIP, NJ – The Jackson Township council voted to approve a property reevaluation for all real estate located in the township. The process, which will involve a property reassessment for all residents, will cost the township approximately $2,000,000.
The township council voted unanimously in favor of a new reevaluation.
According to the New Jersey Treasury, “A revaluation is a program undertaken by a municipality to appraise all real property within the taxing district according to its full and fair value.”
“A revaluation program seeks to spread the tax burden equitably within a municipality. Real property must be assessed at the same standard of value to ensure that every property owner is paying his or her fair share of the property tax. For example, two properties having essentially the same market value should be paying essentially the same amount in property taxes,” the treasury states.