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Herald A Lantern 23 December 81

31

Time to Find Out What’s Your Property Assessment & is it Fair?

TRENTON — Taxpayers who during the last days of the year work preparing their federal income tax returns should also remember local property taxes and assessments if they are homeowners or run a business which owns real property, suggests the New Jersey Taxpayers Assn. ' ^ Prepayment of first quarter 1982 property taxes in 1981 for those who itemize deductions is one way tax consultants sug • gest to reduce the federal income tax obligation,.On the other hand, property taxpayers should not forget that the end of the year is the time when local assessors are required by law to advertise in a local

paper the date and time •when any taxpayer can meet with the assessor to leam-of the value the local assessor has placed on the property for tax purposes

in 1982.

THE TIME for such consultation must be at least 10 days before the January 10' deadline for the assessor to file the completed tax assessment list and duplicate with the county board of taxation. Taxpayers in -municipalities which will be playing a revaluation or reassessment into effect in. 1982 should especially consider a final check with the assessor to verify their assessment in advance. This 'applies in nearly 60 municipalities, including. Wildwood

Paperwork Simplified

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WASHINGTON, D.C - The Coast Guard is proposing new pules to simplify the administrative and paperwork involved in documenting a vessel. Documenting is the term used for federal procedures id registering a vessel by the owner. \ The proposed regulations will eliminate or streamline a number of the forms used in the registration procedure. Requirements for marking the vessel’s name, number and "hailing" port will be made flexible. A "hailing” port is either where the vessel's documentation papers are kept or where the owner resides. OTHER CHANGES in the proposal include eliminating requirements to: report changes of vessel master to the Coast Guard; to require the vessel owner to show proof of citizenship if a non-native born citizen of the U.S.; advertise changes in a vessel’s name; physically surrender and replace a vessells-document papers whenever the contents change ahd present the registration papers for an*.nudl renewal. Some of the fees charged by thte Coast Guard will change as a result of the proposed changes in regulations. For example.

the fee for initial documentation of a vessel used only fqr pleasure by the owner will go from $75 to $100, The $15 annual renewal fee of a vessel’s papers will be eliminated. The comment period on the new proposals will close Jan. 15, 1982. ACC Course On Condos MAYS LANDING - "Condominium Consumer Protection," a credit-free course to help people understand condominium ownership, is being offered at Atlantic Community College this spring. The lb-week course will meet at Atlantic City High School 7-10 p.m. Tuesday beginning Jan. 26. It will be taught by Norma Lombardi, a Licensed New Jersey Real Estate Broker and specialist in condominium development, conversion and sales. Registrations will be accepted through Friday, Jan. 22. The college will be closed for Christmas break Dec. 24-Jan. 3, For more information, dall* ACC’s credit-free office, 625-1111 or 646-4950, ext. 203, or stop by weekdays between 9 a.m. and 4:30 p.m.

OUR VERY BEST WISHES FOR A VERY MERRY CHRISTMAS AND A HAPPY NEW YEAR ijie qjifv* LIQUOR STORE

WE WOULD LIKE TO THAMK OUR MANY FRIENDS FOR THEIR KIND PATRONAGE

Anyone who fails to take advantage of the opportunity to leafh of his or her property assessment and to discuss informally its accuracy for the purpose of identifying or correcting erroi*B before the assessor, files the record with the cdunty, will find that future recourse is only through the formal appeal process with the county tax board which has an Aug. 15 filing deadline. THE MATHEMATICS of local property taxation involves a three-factor formula. the initial factor (denominator) being the property valuation established by the assessor as of Oct. 1 of the pre-tax

year

Budget decisions by school, county and f municipal officials, and the.' property tax requirement ' to bring the revenue side of those budgets, into balance with totql spending, is the second formula factor (numerator). These figures may not’ be known until after the deadlines for

filing property ta$ requirements to each ciunty board of taxation, April 1 for municipalities and counties, and April 18 for

schools.

The tax board then has until May, 3 to calculate the third factor in the formula — the total property tax rate for each municipality which is the basis for computing each property ’ owner’s lax bill. IN A TAX system which depends on locaL real property taxation for much of its revenue,’ equitable assessment should be of vital, concern to all taxpayers. Comparison of valuations (assessments)’ on similar properties Is one method of determining intermunicipal equity. With prpperty taxes ex- . peeled to continue their up\ ward cljmb. in most municipalities, particularly in those facing reduction in Federal aid, each taxpayer should exercise his right to stfe pertinent assessing records, suggests NJTA. .

fcetings

Hoppy cording *w<ym friends rnony cheerfilied rrtomenrs we hope ifce seoson fulfills oil yoUf dreoms To oil 6ur friends ond neighbors rhonk you

HOLIDAY HOURS: CLOSING CHRISTMAS EVE AT 5 P.M. .CLOSED CHRISTMAS DAY & DEC. 26th s RE-OPEN 5 A.M. ON DEC. 27th

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mister DoruxL 81 Dcnniivllle Rd. K Cape .May Court Houw M (Bmwm* Marpfcy'i Man A Jiwiia»y) Op«a 24 Ho*n • 7 Days AIVmI

' 445-9031

*£ am

s 3 CONSECUTIVE

WE’LL BE CLOSED ALL DAY SATURDAY t SUNDAY IN ORDER TO RESTOCK OUR STORE —> AND SLASH PRICES!!

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WHY?? 2 BIG REASONS 1- Manager Jimmy Joyner ordered tens of thousands of dollars of new exciting furniture. Therefore, we must sell off all floor samples and discontinued 1981 models to make room for incoming new presentations. 2- We only have two such events a year so we can afford real "Honest-To-Goodness Markdowns Up to 70%." 0 AGENDA OF EVERTS. SATURDAY STORE CLOSER FOR RESTOCEINI SUNDAY STORE CLOSER FOR REST0CKIRS 1RR SLASRIHR PRICES D0K.-TUESBRY-WE6. S4NNIR SALE IHFROGBESS!!

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Furniture and carpet ca

BAYSHORE RD. VILLAS. N.J.

Dally III 5:30, Frl. til 9, Sim. 10 to 3 880-5408