A December 2017 Moody's Report talks about the impact Annual Reassessments have on financial
stability and credit worthiness. The Monmouth Assessment Demonstration
Program (ADP) is mentioned along with all the benefits of the program. The ADP
is an Annual Reassessment Model that was passed into law in 2013 for Monmouth
County. All quantifiable results indicate that is fairer, more
transparent, and cost effective assessment solution. Somerset County has been
doing Annual Reassessments in most of its' county for over 20 years and with
similar results. A by-product of Monmouth County's Calendar is the savings
potential to governing bodies. The State of NJ uses an antiquated Revaluation Model
for assessing property values in which assessments are inaccurate for long
periods of time and the result is the wrong people unfairly pay Millions of
Dollars every year. The Moody's report highlights fairness by stating:
It's time
New Jersey changes to a modern system of annual reassessments like most of the
country. There's no co-incidence that most of the States with the Highest
Property Taxes are the ones that do not do Annual Reassessments.
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