An analysis by The Press of Atlantic City shows that New Jersey's most expensive homes are usually under-assessed compared to less expensive homes, forcing higher tax bills on other taxpayers who have to pick up the slack. Michael Rice, the chief executive officer of Utz Potato Chips. Whitman and Rice are not alone.
Records show that more modest homes sell at prices much closer to their assessments.
When some properties are under-assessed, it forces tax rates to be raised at both the local and county levels in order to fund governmental operations. The owners of these expensive homes are not doing anything improper. It's not their job to set their property's assessment. That's up to local tax assessors. The state Constitution requires assessments to reflect fair-market value.