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The phone number for BOROUGH HALL is (201) 391-5700
| TITLE | NAME | TELEPHONE
/EXTENSION | | Tax Collector | | x220 | | Tax Assessor | Michael Leposky | x240 |
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The current tax rate is $1.514/$100. To determine your annual property tax, multiply your home's assessed value by $1.514/$100.
Example: $651,710 x $1.514/$100 = $9866.89
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The Borough of Montvale was ordered by the Bergen County Board of Taxation to conduct a Revaluation of all non tax-exempt properties in the Borough. The last revaluation was conducted in 1991. The Revaluation has been completed and will be used beginning with the 2006 tax year. The following chart is a comparison of the aggregate valuation of the major property categories prior and subsequent to the revaluation.
 See the special March 2006 Budget/Revaluation Newsletter
Assessed Valuation Comparison
| |
2005 |
% |
2006
(Revaluation) |
% |
%
Incr./(Decr) |
| Residential |
$ 711,141,400 |
64.91 % |
$1,637,778,400 |
72.31 % |
7.40 % |
| Farm |
888,100 |
.08 % |
2,296,100 |
.10 % |
.02 % |
| Commercial |
381,920,300 |
34.86 % |
622,371,900 |
27.48 % |
(7.38 %) |
| Public Utilities |
1,620,457 |
.15 % |
2,491,607 |
.11 % |
(.04 %) |
| Total Ratables |
$1,095,570,257 |
100.00 % |
$2,264,938,007 |
100.00 % |
106.74% |
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Market Analysis
Real estate values in North Jersey have risen dramatically since the last revaluation in 1991, most particularly residential property values. Commercial properties have increased in value as well, but at a slower rate than residential properties. This has caused a significant overall shift in the tax burden from the commercial to the residential sector. Commercial property taxpayers were assessed 34.86% of the taxes to be raised in 2005. Under the revaluation this decreases to 27.48% in 2006. Conversely, the residential sector property tax share will rise from 64.9% in 2005 to 72.31 % in 2006. This shift causes an 11 % increase in the average property tax for residential properties for 2006 based on the amount raised by property taxes in 2005 before taking into account increases in the amounts to be raised by property taxes in 2006 over 2005.
| Average Assessed Value of House | Municipal Tax Rate (per $100) |
| 2006 | $651,710 (after Revaluation) | 2006 | Tax Rate | $0.358 |
| 2005 | $285,151 | 2005 | Tax Rate Restated | $0.343 |
| | | | | $0.015 4.3%
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Tax Impact
The formula below calculates the amount of taxes a property owner paid in 2005 based on the old assessment and the old tax rate of$2.74/$100. The 2005 tax rate is then "restated" based on the values after the revaluation and projects the taxes which would have been paid on the new assessment.
To determine the impact on your property taxes, based on the market value of your property, enter your new assessment in the sample formula below.
Sample Formula To Calculate Your Property Tax
(Old Assessment: $285,161 x $2.74/$100 = $7,813)
New Assessment: $651,710 x $1.40/$100* = $9116.38
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* 2005 Tax Rate Restated, plus new 2006 rate increase of $0.06/100 for municipal, local and regional schools and county taxes.
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 | | Updated July 1, 2009 |
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