As of the adopted budget in April, the Hillsborough school tax rate has decreased from 1.461 per $100 of assessed value of a home in 2022-23 to 1.391 in 2023-24. Even if both separate questions to the taxpayers pass, the overall tax rate will still go down to 1.428.
The Millstone school tax rate has decreased from 1.072 per $100 of assessed value of a home in 2022-23 to 0.904 in 2023-24. Even if both separate questions to the taxpayers pass, the overall tax rate will still go down to 0.930.
It’s a fact, the school tax rate is going down.
From last year to this year, the biggest determining factor for whether or not you will pay more in school taxes is a change in the assessed value of your home, which is completed by the township tax assessor. Knowing this, we do want to provide a clear and transparent way for you to calculate your individual tax impact.
First, see the information below which will determine which questions that you may be in favor of and what the tax impact would be to you.
Find your township of residence and enter your property’s assessed value from this year’s tax bill that was mailed to you in September 2023. See the Sample Tax Bill below for help locating your assessed value. Tax bills will be mailed to residents in September 2023.
The calculator will display the amount of the Supplemental Tax that will be issued on a separate tax statement on or about January 2024, depending on the results of the election.
The number given above is the annual cost. To find out your monthly cost divide this cost by 12.
Next, in order to determine if your school taxes from last year to this year are going up, going down, or staying about the same, you will need the following information:
- What did you pay in “REGIONAL SCHOOL TAXES” (found in the upper right corner of your tax bill under EXPLANATION OF TAXES) according to your 2022-23 tax bill sent to you from the Township?
- What did you pay in “REGIONAL SCHOOL TAXES” according to your 2023-24 tax bill sent to you from the Township in August of 2023?
- What is the difference between the answer to question #2 and question #1?
- Take your answer from question three and combine it with the number you generated in the calculator above. That is the overall change in tax impact to you.
If your school taxes increased from one year to the next, even with the school tax rate decreasing, this is due to the assessed value of your home increasing.