STONE HARBOR - In January 2018, Stone Harbor announced the completion of its revaluation of borough properties. The process was ordered by the Cape May County Board of Taxation.
Two factors lead to revaluations – the ratio of assessed value to true value, and the coefficient of deviation in the samples.
If the average ratio falls below 85% or the coefficient of deviation reaches 15%, the County Board of Taxation usually orders a revaluation.
Two years after completion of the revaluation in Stone Harbor, property values continue to grow in relation to assessed value. At the March 3 Borough Council meeting, Tax Assessor Margaret Slavin reported a 94% market ratio.