By Kevin I. Asadi
Monmouth County residents: I received this letter in the mail today from Vin Gopal. I’m sure he’s a nice guy, but a letter like this shows such a gross and shocking misunderstanding of how property taxes work, that I fear what damage he might do to all of us, should he win.
I handle property tax appeals as part of my law practice. Here is how it works, basically: the property you own is given an assessed value by the local tax assessor or by a revaluation company. In most counties, that assessment will remain the same year after year, until the town decides to perform a revaluation or a reassessment.
Whether your assessed value is $100,000 or $1,000,000, either way, your town needs a certain number of dollars in the kitty each year in order to operate. Take the amount of money the town needs divided by their total assessments, and the quotient is called the “general tax rate.” The property tax dollars you pay is the product of your assessed value times the general tax rate. Read the rest of this entry »Posted: October 5th, 2017 | Author: Art Gallagher | Filed under: 11th Legislative District, 2017 Elections, Monmouth County News, Vin Gopal | Tags: 11th Legislative District, Assessment Demonstration Program, Assessment Pilot Program, Kevin Asadi, Kevin I. Asadi, LD 11, Monmouth County News, NJ Property Taxes, Property Tax Assessment, Property Taxes, Vin Gopal | 3 Comments »