For the first time in over 26 years, the Borough of Elmwood Park was advised by the Division of Local Government Services, Local Finance Notice # 2020-07 dated March 20, 2020, to issue estimated tax bills for the 3rd quarter tax period due on August 1, 2020.For the first time in over 26 years, the Borough of Elmwood Park was advised by the Division of Local Government Services, Local Finance Notice # 2020-07 dated March 20, 2020, to issue estimated tax bills for the 3rd quarter tax period due on August 1, 2020.
The Corona Virus has affected state government as well as local governments in a way never seen before. Your tax bill is computed using a assessed value of your home multiplied by a factor. The factor is comprised of Municipal Government Budget, County Municipal Government, Local Library Budget, County Open Space.
The Average Home owner’s estimated tax bill due August 1, 2020 is comprised as: for example 330,000 assessed value of a home
- County Tax: 330,000 x .27 = $891.00
- County Open Tax: 330,000 x .01 = $33.00
- District School Tax: 330,000 x 1.79 = $5,907.00
- Library Tax: 330,000 x .04 = $114.00
- Local Municipal Tax: 330,000 x .92 = $3,036.00
Which means the home owner tax bill estimated to pay the Borough will be 9,981.00. The home owner would take the February 1, May 1, August 1, November 1 tax stubs, add them up, and would equal (in the example of 330,000 average assessed value, $9,981.00).
Once the State of New Jersey adopts their budget, only then, will the state release its rates to the Bergen County Board of Taxation, in turn, which will certify Elmwood Park's actual "rate: i.e. factor. If you have any questions please feel free to contact the Tax Office at 201-796-1457 Ext: 212.
Thank you,
Roy Riggitano
CFO, Borough of Elmwood Park
