2020 Assessment Information From The Borough Assessor
Dear Property Owner:
You will soon be receiving your 2020 Assessment Postcard in the mail from the Monmouth County Tax Board. We wanted to take this opportunity to provide some background on what is occurring with property assessments in the Borough of Rumson and how it affects the Borough's tax rate.
For tax year 2020, the net taxable valuation of the Borough will be about 7% higher than it was in 2019. This does not mean your taxes will go up 7%. It means the overall value of the properties in the Borough has increased. The valuation of all the properties within the Borough and the tax rate are proportional. By and large, if the valuation increases, generally, the tax rate will decrease. We anticipate that the 2020 tax rate will be lower than the 2019 tax rate due to the increased value of the Borough. If your assessment has increased less than the baseline (less than 7%), you will pay a lesser proportionate share of the Borough's tax levy in 2020.
The assessment function serves as the distribution mechanism of the property tax levy which is a combination of municipal, school and county taxes. Since taxes are intended to be split up amongst the property owners based on the market value of the properties, it is critical that the assessment process is uniform, accurate, fair and transparent.
Included in the September Rumson Borough Bulletin Newsletter was information about the process and a FAQ answering many common questions. This information can also be found on our Borough Website at http://www.rumsonnj.gov/assessor. If needed, we would be happy to mail you a copy of the FAQ as well.
The Borough of Rumson will also be hosting a Q&A session on December 9th at 7 pm in the Courtroom. I will be there to answer any general questions you may have about the assessment process.
Erick Aguiar, CTA