TRENTON, NJ-The price tag from Superstorm Sandy in New Jersey continues to be staggering. The tax assessments on more than 40,000 properties in the Garden State have been reduced by $4.3 million due to damage caused by the October 2012 storm.
The Associated Press, citing a report in The Press of Atlantic City, says the reductions were made in the months after the storm made landfall. The assessment revisions occurred when state taxation officials created a system for tax assessors in communities hardest hit by the storm, to help them track losses to ratable bases. The reductions were made on properties that could not be immediately repaired and will therefore be valued less for 2013 tax purposes, according to the published report.
The data clearly shows that Ocean and Monmouth counties suffered the lion's share of damage from Sandy. Ocean County lost $3.6 billion from its ratable base due to storm damage, while Monmouth County had approximately $511 million in reduced assessments. See story at northjersey.com.
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