The plunge in property tax assessments in Monmouth and Ocean counties are primarily responsible for that statewide loss, according to The Press of Atlantic City.
The total ratable base in Ocean County plummeted by $3.6 billion. In Monmouth County, the loss was roughly $511 million.
In Mantoloking -- where Hurricane Sandy washed away 58 homes and caused damage to every residence in the oceanfront borough -- the assessed value of properties in town dropped by one-third.
The newspaper, citing data from the state Department of the Treasury, said that is a loss of $530 million from the borough's $1.6 billion total assessment in 2012.
When The Star-Ledger analyzed preliminary county data on property tax assessments in March, Mantoloking Mayor George Nebel said, “we only have two-thirds of what we had.”
“We hope people will rebuild to bring the town back,” he said then.
And in some cases the reductions in property tax assessments may only be temporary.
“If they got a reduction, and if they made repairs, they could end up going back to full value at the start of the year,” George R. Brown, Cape May County’s tax administrator, told the Press of Atlantic City.