Tax Rate The 2001 Apportionment of Taxes is certified by the County Tax Board and is made available to the Municipalities in June. The 2002 Apportionment of Taxes is as follows:
If a home and property is assessed at $350,000, a property owner would pay $2.14 for every $100 of assessed value. The annual tax obligation for this home would be $7,490. From that $7,490 the following amounts are required to finance the services of:
*Includes $17.50 county open space
The Borough has been awarded property tax relief aid through a new State program entitled Regional Efficiency Aid Program or REAP. This will appear on eligible properties as a tax credit of -.001. To qualify, a local government must have entered into a shared service agreement after July 1, 1997. The aid is based on the types of shared services, the population of the municipality, and the degree of fiscal stress experienced by the municipality. The Borough has been participating in regionalized efforts prior to July 1, 1997. The Borough of Hasbrouck Heights submitted an application for aid based on our participation in regionalized programs which started after July 1, 1997. This aid is being awarded
directly to eligible property owners as a credit against their tax bill. It appears
directly on the tax bill as a REAP Program tax credit. The State of New Jersey makes all
eligibility determinations for this tax credit. The property must be a principal residence
as of October 1, of the preceding year. Residential properties not qualifying for the tax
credit this year may be eligible next year. The State is still developing the procedure by
which property owners may qualify for the REAP credit later this year and will notify
municipalities as to this procedures as soon as it is finalized. The Borough of Hasbrouck
Heights diligently pursues all types of aid and grants that will benefit the residents of
Hasbrouck Heights by reducing property taxes.
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