As reported in the Cape May CountyHerald
Faced with a mandate, the borough must conduct a comprehensive revaluation of all real property for assessment purposes in time to use new assessments for the 2017 tax year.
The borough has over 3,000 properties that would face revaluation.
The last one in Stone Harbor was in 2009. The state requires a new effort when there is evidence that valuations, which are done to market values in the state, are sufficiently outdated so that they leave some taxpayers in a situation of paying too high a property tax and others too low.
A private company will be hired for the task based on an open bid process.PO