July 17, 2007

Township Manager Joseph Hartnett today released the following additional information regarding the estimated tax bills which were mailed this month to all taxpayers:

1. Taxpayers cannot multiply this third quarter estimated bill by four in order to figure their annual taxes, nor can they use this bill to calculate what the annual tax rate would be. The estimated bill applies to the third quarter only.
   
   
2. To create the third quarter estimated bills, the Township Tax Office utilized an estimated tax increase of 7%, which would equate to an estimated tax rate of $2.15 per one hundred dollars of assessed valuation. However, it is expected that the final actual tax rate will be less than this amount, pending the release of State aid figures and final budget adoption by the Township. The fourth quarter bill will then be less than the third quarter bill.
   
3. The final tax rate, after the Township budget is adopted, can then be multiplied against a taxpayer’s new tax assessment from the recent tax revaluation in order to calculate the actual property tax bill for the year 2007.