The annual assessment of property values in town resulted in an overall increase of about 12% for taxable property, though an owner’s tax bill will depend on the tax rate set by the borough assembly in late May.
State law requires municipalities to assess property —all land and buildings— at “full and true market value.” The borough’s contract assessor’s March 3 letter to the assembly said, “Our evaluations indicate that the overall market (value) … continues to grow despite the high cost of living and rising interest rates.”
The annual assessments are based on sales prices, property improveme...
Reader Comments(0)