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County tax board sets 100% assessment ratio, tax‑map rules and reviews North Wildwood reassessment plan
Summary
The Cape May County Board of Taxation adopted resolutions establishing 100% assessed‑to‑true‑value ratio, directing municipal tax map maintenance and budget provisions, and discussed a North Wildwood reassessment plan that the town plans to submit to the Division of Taxation for approval.
The Cape May County Board of Taxation on May 6 adopted a set of resolutions setting valuation standards and tax‑map requirements for municipalities and reviewed a reassessment plan from the City of North Wildwood.
Why it matters: The county board sets the ratio of assessed value to true value that municipal assessors should use as a baseline for levy calculations and establishes tax‑map maintenance standards that affect assessment accuracy across the county.
By Resolution #3 the board established the percentage of assessed value to true value at one hundred percent (100%) for the purpose of assessing taxable values to be used in levying taxes for calendar year 2025 and thereafter until changed in accordance with chapter law. The resolution directs that copies be filed with the Director of the Division of Taxation, all municipal tax assessors and…
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