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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. The 2002 ratio is
23.85%.
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. The
percentage breakdowns can be seen on the most recent tax statements. Currently this
is as follows:
| |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
|
| Borough: |
36.60% |
32.90% |
30.63% |
32.29% |
31.77% |
|
|
| Local/Regional Schools: |
33.10% |
35.68% |
36.62% |
38.23% |
38.98% |
|
|
| County Government: |
30.20% |
31.93% |
32.75% |
29.48% |
29.25% |
|
|
The 2003 General Tax Rate to apply per $100.00 of assessed valuation is
$9.53,
which is an increase of .18 cents over the previous year's tax rate.
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 |
| |
|
Return
Tax Rates
|
Tax Rates
|
|
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 |
|
Return
