2007 PROPERTY TAXES
A breakdown of Mountain Lakes real estate taxes in 2007 is as follows:
| TAXING ENTITIES | 2006 TAX LEVY | 2006 RATE | % OF Levy 2006 | INCREASE 2005 TO 2006 | 2007 TAX LEVY | 2007 RATE | % OF Levy 2007 | INCREASE 2006 TO 2007 |
|---|---|---|---|---|---|---|---|---|
| LOCAL (MUNICIPAL) TAX | $3,738,332.56 | 0.255 | 15.736% | 7.49% | $4,159,951.89 | 0.282 | 16.588% | 10.59% |
| COUNTY TAX | $2,630,174.01 | 0.181 | 11.071% | 6.89% | $2,670,040.04 | 0.181 | 10.647% | 0.00% |
| COUNTY OPEN SPACE TAX | $629,005.53 | 0.045 | 2.648% | 15.78% | $693,325.32 | 0.047 | 2.765% | 4.44% |
| DISTRICT SCHOOL TAX | $16,759,736.00 | 1.139 | 70.546% | 4.28% | $17,554,406.92 | 1.190 | 70.000% | 4.48% |
| TOTALS | $23,757,248.10 | 1.620 | 100.000% | 5.34% | $25,077,724.17 | 1.700 | 100.000% | 4.94% |
TOTAL INCREASE IN TAX LEVY: 4.94%
TOTAL 2007 TAX RATE: 1.70%
Usually property taxes increase by approximately the percentage change in the tax rate. Total property taxes (tax levy) have increased 4.94% in 2006. Property taxes come roughly 70% from the schools, 17% from the borough, and 11% from the county.
Please Note: The Tax Rate is the SAME for EVERY property -- residential or commercial.
PROPERTY TAX DATABASE
Go to the Mountain Lakes Property Tax Database to find out details on a specific property: assessment, property taxes, how much is owed, delinquent amount if any, and a calendar of payment dates.
REVALUATION
In early 2006, the Tax Assessor's office completed a revaluation of properties in Mountain Lakes in order to bring the values up to their true market value.
Some homes increased in value at a different rate than others, as different neighborhoods have become more desirable, and that means that some residents will see an increase in their taxes next year.
2006 ASSESSMENT DATA
Assessment data can be viewed by clicking here. (Note: This is a PDF file. If you do not have Adobe Reader, you can follow the link at the bottom of this page to download Adobe Reader.) This report includes all types of properties: residential, business, town-owned land, etc. This contains the information reported to the Morris County Board of Taxation.
Key to data in the report:
Design Style
HG = Hapgood
CL = Colonial
MC = Modern Colonial
RH = Ranch
CR = Cape-Ranch
CY = Contemporary
CC = Cape Cod
SL = Split Level
BL = Bi-Level
Livable area does not include finished basements, porches or garage
area.
RECENT SALES INFORMATION
The revaluation is based upon recent (2004-2005) sales of homes within the borough. The Tax Assessor's office has provided the data used for the revaluation.
This information has been sorted several ways for your viewing. Click on the format you prefer and the PDF file will open in a new window. In these spreadsheets, the column "saleval" is the sale price in dollars and "saletrend" is a simple mathematical calculation applying a compound growth rate of 1% per month from the sale date to Oct 1, 2005.
Sales Data sorted by Street
Sales Data sorted by Neighborhood
Sales Data sorted by Sale Price
OTHER WEB SITES
The Morris County Tax Board web site has tax and home sales information for all Morris County municipalities.
For a good general description of the revaluation process, including your options for both informal and formal appeals, click here.
The Sunday Star-Ledger for January 15, 2006 had a front page article on property taxes in New Jersey. The article itself is not available on the Web. However, there is a companion section of NJ.com which allows you to see 2005 tax data and how it is allocated in each town. To see this information click here.
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(last updated Oct 19, 2006)