Assessed Value:
A Home’s Ratable (Assessed Value) is different from its Equalized Value (or Market Value-the amount if you were to sell the home today). An Assessed to Equalized ratio is calculated for each Municipality on an annual basis. Link
2019 Ratio 54.28 Average Assessed Home $159,331 Equalized or Market $293,535
2020 Ratio 53.09 Average Assessed Home $159,740 Equalized or Market $300,885
2019 Municipal Tax 159,331 (Avg Assessed Home) x 1.302 (Tax Rate) = $2,074.95
2020 Municipal Tax 159,331(Avg Assessed Home) x 1.335 (Tax Rate) = $2,133.22
2020 Municipal Tax Increase – 3.31 cents (or 2.5%)
2020 Average Assessed Home – Municipal Tax Increase – 58.27/Year (4.86/Month)
Assessment Line Items follow a municipality’s Block and Lot.
North Brunswick total Assessed Value $2,525,325,600 with 11,213 Line Items:
Assessed Value is broken into Classification:
2020 Vacant Lane $40,120,500 – 744 Line Items
2020 Residential – $1,585,097,100 – 9,923 Line Items
2020 Farm – $1,182,300 – 5 Line Items
2020 Qualified Farmland – $36,100 – 17 Line Items
2020 Commercial – $401,030,000 – 425 Line Items
2020 Industrial – $291,653,800 – 64 Line Items
2020 Apartment – $206,205,800 35 Line Items