As discussed during the Borough Council meeting on August 18th and posted to the website, we have expanded the historical tax rate analysis for those residents who would like to dive deeper into our high tax rate. Please reference links below for historical data. As you can see, and as was reported on our most recent tax bill, the breakdown of the 2022 final tax rate 4.255 is broken down as follows:
0.347 County Tax 8.16%
0.035 County Library 0.82%
0.034 County Open Space 0.80%
2.121 Local School Tax 49.85%
0.672 Regional School Tax 15.79%
1.046 Municipal Tax 24.58%
The municipality serves as tax collector of property taxes and distributes the monies to the county and schools according to the allocation above. The governing body does not have input or control over the budgets of the schools or county, and we encourage all who have questions or concerns to contact the appropriate authority. Taxpayers do not vote on school or county budgets.
Of the total 2022 tax levy of $14,619,383.88, only $3,595,248.62 is used for municipal purposes. This includes police, fire and emergency services, salary and wages, parks and recreation, roads, public work services, capital projects and the golf course. The municipality has had a flat rate since 2019.
Also discussed during the August 18th meeting (video and meeting minutes posted to the Borough website), High Bridge is in its second year of a five-year assessment plan to bring all properties to current market value. Home prices in NJ have increased more than 20% since 2020, and the governing body does not have any role in determining the final valuation. Tax assessments are performed by a state certified assessor who reports to the County Board of Taxation, appointed by the governing body, and evaluations are determined based on established principles in state statute.
The assessment is provided to residents in February of each year and is used to calculate the final bill we receive in August. IF YOU WANT TO FILE AN APPEAL OF YOUR ASSESSMENT WITH THE COUNTY YOU SHOULD DO SO IN FEBRUARY WHEN YOU RECEIVE THE POSTCARD. Tax appeals on property assessments (not taxes) must be filed by April 1 of the tax year.