Taxes

Nolan Posts about $30 MLN Housing Project in Highlands


ImageMayor Nolan posted on his Facebook page this am that an application for a $30 Million project for approximately 40 new homes on the lot that was the trailer park.

I’m thinking he means Paradise Park.

It will mean additional $750 thousand in rateable revenue that Highlands is not seeing now.

Here is a birdseye view of the proposed property:
ppaftersandy

Jan 10 is the last day to Request a reduction of your Highlands property assessment for 2013


Highlands property owners whose property suffered “material damage” as a direct result of Superstorm Sandy may qualify for a reduction of their property assessment for 2013.

YOU are required to notify the tax assessor of Highlands in writing by Jan. 10, 2013, in order to receive an assessment adjustment.

There is a form in the “new, NEW” borough hall (Trailer located between Shore & 2nd by recycling center) that you fill out your name, address, block and lot & that you have damages suffered due to Frankenstorm Sandy.

If you have any questions on this issue, you may contact your local tax assessor at your municipal offices (408-432-2811.). You also may contact the office of the Monmouth County Tax Board at 732-431-7401.

 

Disaster Recovery Portal – Request for inspection to lower your taxes


Highlands property owners whose property suffered “material damage” as a direct result of Superstorm Sandy may qualify for a reduction of their property assessment for 2013.

Normally, all properties are valued in the condition in which they existed on Oct. 1 of the pre-tax year, or as of Oct. 1, 2012, for the upcoming 2013 tax year. An exception to this law applies when a property suffers “material damage” such as a major flood from a freak hurricane or other significant damage after Oct. 1 and before Jan. 1.

In such circumstances, the property owner is required to notify the tax assessor of their town in writing, prior to Jan. 10, 2013, in order to receive an assessment adjustment.

It is important for any Highlands property owner who has suffered significant damage to write or email your assessor and let them know your name, address, block and lot, and the existence of damages suffered due to this storm. You should do this as soon as possible but no later than Jan. 10, 2013. In recognition of the extreme hardship placed upon some property owners who have lost their homes or temporarily are unable to occupy their homes Monmouth County has established this “Disaster Recovery Portal” where taxpayers may submit their request for inspection.

If you have any questions on this issue, you may contact your local tax assessor at your municipal offices (408-432-2811.). You also may contact the office of the Monmouth County Tax Board at 732-431-7401.

Are you eligible for a tax rebate in Highlands after Sandy?


Highlands assesses real property on an annual basis using October 1 of each year as the date of valuation. For example, 2013 tax assessments are based upon the condition and value of property as of October 1, 2012.

However, if your Highlands property sustained significant damage that caused a “material depreciation” in the value during Hurricane Sandy (Oct 29th), you may be entitled to a reduction in your tax assessment.

(N.J.S.A. 54:4-35.1) provides:
When any parcel of real property contains any building or other structure which has been destroyed, consumed by fire, demolished, or altered in such a way that its value has materially depreciated, either intentionally or by the action of storm, fire, cyclone, tornado, or earthquake, or other casualty, which depreciation of value occurred after October first in any year and before January first of the following year, the assessor shall, upon notice thereof being given to him by the property owner prior to January tenth of said year, and after examination and inquiry, determine the value of such parcel of real property as of said January first, and assess the same according to such value.

To take advantage of this , you need (1) a building or structure that was damaged, (2) the damage must cause the value to be materially depreciated, and (3) you must notify the tax assessor (Charles Heck)  of the damage before January 10, 2013. It is advisable to send a written notice to the tax assessor via Highlands Temporary Borough Hall,17-1 Shore Drive Highlands, NJ 07732 via certified mail, immediately and follow up with a call. 732 872 1519 (direct line) or 408 432 2811 New Borough #.

Town hall, Taxes & Raising your house in Highlands


Temporary Town HallTown Hall has relocated since Sandy to the back of the Fire House. If you walk in, walk past all the tables you will see a door with a handwritten sign “Borough Hall” on it.  If you need to contact the Borough Offices you can call 1-408-432-2811

The Tax Deadline for property tax “in Highlands” is November 30. You can drop off your payment to the temporary town hall.

You can also put yourself on a list for up to $30k towards raising your house.

DETERMINING WHO IS ELIGIBLE
In addition to being insured under the National Flood Insurance Program, your house must meet one of two conditions to be eligible to ICC coverage: it must have been either 1) determined by a local official to be “substantially damaged”; or 2) meet the criteria of a repetitive loss structure.

• “Substantial damage” is the determination by the community that damage due to flood has equaled or exceeded 50% of the value of the building, and when repaired, it must meet local floodplain management ordinances. If the total damage from flooding is less than 50% of the market value of the building, ICC coverage is not available. (the building inspector Paul Vitale does an inspection to see what the damage is).
• “Repetitive loss” means that a building covered by flood insurance incurred flood-related damage two times over a period of 10 years, and that the cost of the repairs was, on the average, at least 25 percent of the market value of the residence before the damage occurred each time. This applies only if the community has adopted a repetitive loss provision in the local floodplain management ordinance. A flood insurance claim must have been paid in both cases. The combined damage total must be 50 percent of the pre-damage value of the building, but it need not be evenly distributed. So, if the damage was 35 percent of the value of the building in the first event and 15 percent of the value of the building in the second event, the policyholder would qualify for ICC coverage.
What happens is that the town of Highlands files a single claim on behalf of the community mitigation project. FEMA will count the ICC claim monies as non-federal matching funds when applying for mitigation grants, because ICC coverage is a direct contract between the policyholder and the insurer. The community can then use FEMA mitigation grant funds to help pay for any additional portion of the cost of elevation, floodproofing, relocation or demolition that is more than the ICC claim payment.

It is extremely important for policyholders and community officials to work closely together at every stage of this process. Individual participation in a FEMA-funded community mitigation project is voluntary and the community is required to provide mitigation funds to any property owner whose ICC payment was counted towards the matching funds.

HOW YOUR ICC CLAIM PAYMENT IS HANDLED
You may be able to receive a partial payment once the claims representative has a copy of the signed contract for the work, a permit from the community to do the work, and a return of your signed ICC Proof of Loss. If the work is not completed, you must return any partial payment to your insurer. When the work is completed, local officials will inspect and issue a certificate of occupancy or a confirmation letter. Once you submit this document to your claims representative, your insurer will pay the final installment or full payment.

Related:

Will You Have to Raise You House?

Highlands Solution Center