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Property Tax Assessments in Sea Isle City

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Jim Mallon

Thread Starter
Member
Joined
Dec 9, 2004
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
California
Greetings NJ (and specifically South Jersey) appraisers. I'm a commercial property appraiser for the tax assessor's office in San Luis Obispo County, CA.

This post is in regards to two properties in Sea Isle City, NJ. One of them is owned by my parents and the other is owned by my uncle. They have each just received their new property tax assessment notices and in both cases the values appear high.

Does anyone back there have any particular experience in the filing of tax appeals in SIC? Could you shed some light on the process?

I have not yet contacted anyone at the SIC assessor, but my uncle says he called them and they explained that all properties in the city were reappraised purely on a $/sf basis. From the sound of it, this blanket approach would exclude any depreciation factor for age, condition and/or other functional obsc.

In the case of the two properties in question, they are the last holdouts from the general trend of redevelopment seen in SIC (and other Jersey shore) locations. Both properties are small, early 1970s residences with a good deal of def. maintenance and functional obs. that would not be accounted for if the $/sf is based solely on the comparable value of the behemoths being built over the past 10 years.

As a follow-up, should we find it prudent to appeal these values, do any of you do appraisal work in Sea Isle City? If so, could you PM me a price quote on a two-property package deal (both located on 35th Street in SIC, NJ):
Property 1: SFR, +/-1200sf, 3bed/1bath, built ~1970, ~7700sf lot, no garage

Property 2: two-story duplex, ~1500sf per floor, identical 4bed/1bath floor plans up/down, built ~1972, ~7700sf lot, 2-car detached garage with 1bed/1bath apartment above.

Any and all insight and information is much appreciated....

Jim Mallon
SLO, CA
 

joebuck

Freshman Member
Joined
Feb 4, 2008
Professional Status
Licensed Appraiser
State
Colorado
Both properties sounfd like they should be condemd. Property values are very high in Sea Isle and as far as functional utility forget about it. Every property at the Jersey shore is worth plenty. These units are rentals ask your Uncle what he gets a week in rent. at least $750.00 per week x12. Not wortyh appealing assessor can be 15% off.
 

Wes Costello

Freshman Member
Joined
Jul 6, 2006
Professional Status
Appraiser Trainee
State
Pennsylvania
Jim,

I just got back from Sea Isle. I was looking up some data for my father who will be appealing the assessment for his property on 92nd St. It is a 1970's property too but has been updated and maintained. I believe his hearing is in early June. I will let you know what he finds out at the hearing.
 
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