The Assessor is responsible for identifying all property in the Township and assigning an assessed or taxable value. The Assessor's Office also administers the farmland assessment program and processes all ownership changes, deed transactions, and deductions/exemptions (e.g., senior citizens, disabled persons and veterans).
As with most other costs, inflation causes local government, county government and school costs to rise. The tax rate on your bill is determined by the County Board of Taxation based on budgets submitted by the municipality, county and schools, and the total assessed value of the municipality.
With changes in budgets, tax rates, and assessments all affecting the tax you pay, the key to your real estate tax is the bottom line of any budget: "Amount to be Raised by Taxation."
Presently, state school aid, part of which comes from State Income Tax, is based on equalized valuation of assessments.
The State Constitution requires all properties be assessed at "fair market value." Therefore, it is essential to maintain assessments, keep up with market prices and cope with inflation. At times, market conditions warrant Revaluation or Reassessment programs to maintain "fair market value."