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Tax
Assessment and Tax Rate:
Property Assessment:
By state law, all municipalities within a county must assess property at the
same percentage of true market value -- defined as the price a willing buyer would pay a
willing seller on the previous October first. For Essex County the rate is 100% of
assessed value. All property in the Borough was reevaluated in 1973. The
ratio of assessed value to 100% true value changes each year.
Who makes the assessments and how are they derived ?:
Assessments in the Borough are made by the tax assessor as of October 1st of the
pretax year. If an individual questions the fairness of a property assessment, the matter
may be discussed with the Assessor. Appeals are heard by the Essex County Board of
Taxation or of New Jersey.
How is the Tax Rate Determined?:
The tax rate is determined by dividing the total amount of money to be raised by
property taxation by the total assessed value of all taxable property. A portion of
the taxes collected by the Borough is for local schools and county government.
 Return
Assessed
Valuations:
| Year |
Valuation: |
| 1999 |
$254,383,700.00 |
| 2000 |
$255,130,092.00 |
| 2001 |
$259,298,300.00 |
| 2002 |
$262,687,111.00 |
| 2003 |
$265,481,539.00 |
| 2004 |
$269,103,097.00 |
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Return
Tax Rates
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Tax Rates
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|
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
|
| Municipal |
2.80 |
2.83 |
2.83 |
2.83 |
2.83 |
2.86 |
2.95 |
3.02 |
Municipal |
| Municipal Open Space |
|
|
|
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
Municipal Open Space |
| Local School |
1.08 |
1.18 |
1.48 |
1.53 |
1.58 |
1.63 |
1.67 |
1.78 |
Local School |
| Regional School |
1.44 |
1.38 |
1.39 |
1.61 |
1.75 |
1.78 |
1.97 |
2.12 |
Regional School |
| County |
2.05 |
2.34 |
2.55 |
2.77 |
2.96 |
2.59 |
2.69 |
2.54 |
County |
| County Open Space |
|
|
0.03 |
0.04 |
0.05 |
0.04 |
0.05 |
0.05 |
County Open Space |
| |
7.37 |
7.73 |
8.28 |
8.80 |
9.19 |
8.92 |
9.35 |
9.53 |
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Return
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Appeals:
The Collector of Taxes does not make
assessments. Errors in assessments should be referred to the Tax Assessor, Roseland, NJ .
All appeals must
be filed with the Essex County Board of Taxation, 50 South Clinton Street, Suite 5200,
East Orange, NJ 07018 before April 1st.
Return
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Exemptions
Veterans & Senior Citizens (Over
65):
Claims must be made to the Tax Assessor
before October 1st for the present year for which the exemption is claimed and the Tax
Collector between October 1st and December 31st. Full veteran exemption:
| Year 2000 $100.00 |
Year 2002 $200.00
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| Year 2001 $150.00 |
Year
2004 $250.00
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Senior Citizens (Over 65):
$250.00 per year. Claims must be made
to the Assessor between October 1st and December 31st preceding the year for which
exemption is claimed. The combined income of both husband and wife, excluding Social
Security, cannot exceed $10,000.00
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