Chuck Palumbo, C.T.A. Municipal Assessor
Telephone (856) 374-3532
Fax (856) 374-3528 E-mail -

Current Announcements from the Assessor's Office

 

Third Quarter Estimated Tax Bills Sent
Final Bills to go out in October with Nov Payment and Fed and May Stubs

In conjunction with State regulations that oversee Transition Year Budget conversions, the Township mailed out estimated bills for the third quarter. The local portion of these bills contained a zero increase in the Transition Year Budget.

These bills included partial tax impact from the Revaluation and partial impact from the increases in 2010 Budgets from all taxing districts (County, Schools, Local, Fire). Remainder comes in 4th quarter bills.

The 4th (Nov payment) bills will be sent out in mid-October and will also include the Feb and May 2011 payment accounts. It is anticipated the 4th quarter bill will be the same as the third quarter bill. The certified 2010 tax rates as provided by the County Tax Administrator will show on the fourth quarter bills.

Approximately 60% of the Township properties saw little or no increase or a slight reduction in taxes due to the Revaluation's impact in the recent tax bill. About 40% of the properties are seeing increases due to the Reval.

It needs to be noted that the aforementioned impacts (Reval and 2010 Budgets) are retroactive to January 1, 2010. Therefore, the 3rd and 4th quarter bills show the total year adjustment in two payments (instead of the usual 4 payments).

What this means is if a property had a tax increase, the full year increase is shown in 2 payments. The Feb and May 2011 payments will be lower. Similarly, if a property had a tax decrease, the decrease will also be in 2 payments—and the Feb and May 2011 payments may be a little higher. Add all four 2010 payments (Feb, May, Aug, and Nov) to get the total annual taxes.

This is especially important to those homeowners with escrow accounts and their mortgage companies pay their taxes. Those having tax increases need to prepare now to adjust their monthly escrow payments so they do not have such a big deficit at the end of the year when the mortgage companies reconcile their accounts.

About Your Property Taxes and Assessments

Property Taxes are the result of a calculation when your assessment is multiplied by the tax rate. The Assessor has no control over your property taxes in so far as the assessed value usually remains the same, but the tax rate changes year to year.The tax rate is established by the taxing authorities (County, Schools, Municipality, and Fire Districts) based on their annual Budgets. Concerns about the amount of the Budget and tax rate need to be addressed to these authorities. Fire and School Budgets are presented to the voters in February and April, respectively, of each year. Property assessments are established by the Revaluation in 2010; all assessments (including new construction) are set using NJ State cost procedures to the base year (2010).

 

Property Tax Deductions

Senior Citizens or Permanently and Totally Disabled Persons are entitled to a $250 tax deduction (income limitations). Veterans and Widows of Vets who are honorably discharged from active duty during time of conflict are also entitled to a $250 tax deduction. Disabled veterans are eligible for exemption status. Contact the office for applications.

 

Tax Abatements and Exceptions

Home Improvement exemptions are available for improvements made to a 20 year or older home up to $25,000 in assessed value for 5 years. Applications must be filed with the Assessor within 30 days upon completion of the improvement. Special Tax Abatements are also available for Commercial and Industrial Properties as an incentive to develop or redevelop in areas in need of rehabilitation. Preliminary application and request for consideration must be presented PRIOR to any development application or permit application. Contact the Assessor for further details.