ADP Update and Recommendation Report - 12/14/17

This report was done by the Monmouth County Tax Board (MCTB) in partnership with the Municipal Advisory Group (MAG) regarding the An Update to the Implementation of the Assessment Demonstration Program (ADP) within Monmouth County.  

Within the report are summary tables and graphs that visually demonstrate the results of 20 studies using data from the NJ Division of Taxation that conclusively shows a fairer distribution of the annual tax levy when Annual Reassessments are performed as compared to the Traditional Revaluation Model used throughout NJ.  The report concludes with a recommendation and plan to transition New Jersey to a modern assessment function that makes use of a revised assessment calendar, technology/education and annual reassessments. 

The recommendation provides estimates of systemic statewide benefits including significant cost savings. Monmouth University was represented at the presentation last night and will be conducting an independent study on the effectiveness of the Assessment Demonstration Program. 

The Key Points by Section:

• Section 1 - Monmouth County Avoided $19,751,789 in collection shortfalls since it’s' implementation. It is estimated that the State of New Jersey could have prevented a collection shortfall of $186,724,611 if the entire state used the ADP's calendar since it’s' inception. This summary can be found on page 7 of the handout.
• Section 2 - Last year was Monmouth County's most accurate tax levy distribution in recorded history.
• Section 3 - The increase in transparency, Directors Ratio and the elimination of misleading static fractional assessments. 
• Section 4 - Technology: Development of cost savings applications.
• Section 5 - Other Notable Topics: 
  • Elimination of Revaluations
  • Correction of Errors
  • Appeal Filings and Reductions
  • Impact on State Tax Court
  • Assessment Volatility During Implementation
  • County Rollout Public Relations
  • Freeze Act
  • New Jersey Constitution
• Section 6 - Recommendation: 10-Year transition into a Modern Assessment Function
• Section 7 - Data Addendum is available upon request

Monmouth County Assessment Demonstration Program Update Report - 12/14/17