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Keansburg Property Values Soar, Far Outpacing Neighboring Bayshore Towns

Keansburg Property Values Soar, Far Outpacing Neighboring Bayshore Towns

Mayor Hoff and Borough Council Credit Strategic Redevelopment Plans with Revitalizing Community, Helping Homeowners Build Wealth


KEANSBURG, NJ – The Borough of Keansburg is experiencing a surge in property values, surpassing neighboring towns of similar size and location in Monmouth County along the Bayshore. Recent data from the Monmouth County Tax Board reveals that Keansburg has seen a substantial 54.46% increase in property values over the past five years, significantly higher than other nearby municipalities. Borough officials are crediting this strong increase in property values to Keansburg’s strategic redevelopment initiatives, which are revitalizing the community while helping homeowners build wealth and secure their retirement plans.


“Keansburg’s remarkable increase in property values is a testament to our community’s appeal and the positive impact of strategic development,” said Keansburg Mayor George Hoff. “The council and I are extremely excited about the positive trajectory of our borough as this growth not only reflects rising property values, but also underscores our commitment to fostering a vibrant and desirable place to live, work, and invest.”


Keansburg’s standout growth highlights the borough’s attractiveness as a desirable location for homeowners and investors alike. While other towns in the region have also seen positive growth, Keansburg far outpaces them (see data below):


Monmouth County Value Change (Bayshore Towns)



The surge in property values align with the transformative Baypoint Waterfront District project, a catalyst for economic revitalization in Keansburg. This ambitious development is projected to bring in over $1.2 million in new annual tax revenue, enabling the implementation of a Long Term Property Tax Stabilization Plan by Mayor George Hoff and the Borough Council.


The new developments have already made substantial contributions to the Borough’s financial health, generating $325,000 in property taxes in 2023, of which the Borough retained $180,000. When the project is completed, it is projected to yield a total of $1.2 million in net PILOT (Payment in Lieu of Taxes) payments, with the Borough anticipated to retain approximately $1.1 million, with the remainder going to local schools and the county. This means that the tax revenue generated by the property will increase by more than 500% when the development is completed! 


Phase 1 of the project first broke ground in October 2021 and is nearing completion, with apartments and retail space set to be marketed to tenants shortly. The residential complex with ground-floor retail at 19 Carr Avenue is the first step of the Borough’s comprehensive revitalization plan aimed at fostering prosperity and growth in the community.


The next phase of the project, spearheaded by New Jersey based developer Carter Sackman, includes plans for waterfront apartment buildings along Beachway Avenue, complemented by a vibrant community boardwalk, ample parking facilities, and a two-level pavilion, promising a dynamic hub for residents and visitors alike. Upon completion, the project will feature 700 luxury apartment units and 45,000 square feet of restaurant, entertainment, and retail space.