Hurricane Sandy
Tough Decisions Ahead For Flood-Stricken Berkeley Township Residents
New FEMA Advisory-Based Flood Maps To Debut Next Week, Official Says
Demolition versus elevation? Berkeley residents whose homes were ravaged by Hurricane Sandy may have a better idea of where they stand after the township determines the extent of the damage. "Substantially damaged means the cost to make your necessary repairs will meet or exceed 50 percent of the value of the structure," according to the township website. "In Berkeley Township, we use the equalized assessed value to make that determination." For example, a house assessed at $50,000 that has been damaged by flood, wind, fire, etc. would be considered "substantially damaged" if repairs total more than $24,999.99, the website states. If the structure is more than 50 percent substantially damaged or repetitively damaged, the homeowner would be…
no_money_left
4:19 pm on Tuesday, December 4, 2012
interesting dilema with this 50% rule. Glen Cove tax assessd values have been manipulated so that most of the value is in the land.. all of course as a result of a few comp sales used during the reassessment years ago. From first hand knowledge of my past tax appeals.. the tax assessor has continued to reduce the value of the structure rather than the land value, so as to not affect all his land … more ›