The levy imposed on real estate within a specific New Jersey county funds essential public services such as schools, libraries, and municipal operations. This levy is calculated by multiplying the assessed value of a property by a percentage determined annually by local governments and expressed as a dollar amount per $100 of assessed value. For example, a rate of $2.00 per $100 applied to a property assessed at $300,000 would result in an annual tax of $6,000.
These levies play a vital role in financing local infrastructure and services. They represent a significant source of revenue for municipalities, enabling them to provide essential services to residents and maintain the quality of life within the community. Understanding the historical trends and current rates can provide valuable insights into the fiscal health of the county and its municipalities. Furthermore, fluctuations in these rates can impact property values and affordability within the region.
