The Asbury Park City Council meeting on December 11, 2024, focused on the assessment function and its role in distributing the tax levy fairly among residents. The primary goal of the assessment is to ensure there is neither over-collection nor under-collection of taxes, with the tax levy being satisfied accurately.

During the meeting, officials presented hypothetical scenarios illustrating the relationship between the city's aggregate value and the corresponding tax rate. For 2024, Asbury Park's total city value was reported at just over $3 billion, with a tax rate of 1.582. It was noted that if the city's value were to decrease by half, the tax rate would double, and conversely, if the value doubled, the tax rate would be halved. This relationship underscores the importance of accurate property assessments in determining tax rates.

The city’s net value for 2025 has increased by 9.2% from the previous year, reflecting a strong real estate market. The average home value in Asbury Park is significantly higher than the New Jersey average, standing at approximately $638,480. Limited housing supply continues to support elevated home prices, despite some normalization in appreciation rates.

The meeting also highlighted the ongoing annual inspections of properties, which are crucial for maintaining accurate assessments. Asbury Park is currently in its third inspection cycle, with 20% of properties inspected annually over five years. This systematic approach aims to ensure that property values reflect current market conditions.

In terms of the tax levy distribution for 2024, the majority of the levy is allocated to the school district (51%), followed by local municipal needs (34%) and county services (11%). The total tax levy has increased by $6.8 million from the previous year, with a significant portion attributed to school funding requirements.

The municipal portion of the average tax bill for homeowners has seen a modest increase, rising from $3,082 in 2019 to $3,214 in 2024. City officials expressed pride in their budget management, emphasizing their commitment to keeping tax increases reasonable while meeting operational costs.

Overall, the meeting underscored the city's proactive approach to property assessments and tax management, ensuring that residents are informed about the financial implications of property values and tax levies.