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Montclair Township

Notice from the Office of the Township Manger: Updated Tax Rate Calculation

Montclair Township’s projected total tax increase was originally calculated without including a projected increase in the County tax levy. Although the County tax levy has not been finalized, the Township should have included a projected increase in its calculations. This unintended oversight understated the projected tax increase by 0.42 %.

The updated calculation for the overall tax rate is indicated below:

Municipal Tax Levy: 51,030,656.54

School Debt Service: 4,712,469.00

School Tax Levy: 97,509,698.00

County Tax Levy: 30,799,429.41
(Projected 2.5% increase – Estimated levy includes added assessments -30,048,223.81 X .025 = 30,799,429.41)

Total Levy: 184,052,252.95

Net Assessed Value: 7,181,141,428.00

Projected Tax Rate: (Total Levy/Net Value X 100): 2.563

2010 Tax Rate: 2.519

Percent Increase: 1.76%

There has been some confusion over how to determine the municipal tax levy increase. Below are the numbers and the formula used to calculate the 2011 increase over 2010:

2010 Levy: 48,924,389.87
2011 Levy: 51,030,656.54

Percent increase: (2011 levy / 2010 levy) 4.3%

It is important to note that the tax levy numbers for all of the above entities have not been finalized and may change. The numbers shown reflect the best estimates available to the Township at this time.