Calculate Your Municipal Property Taxes

property taxes on an average Hopatcong home . That figure, however, doesn't include taxes for school district and county expenditures, which fall under their own budgets.

But what, exactly, does that mean to you, a homeowner?

Homeowners can follow this simple formula to figure out how much their municipal property taxes would increase under the proposed 2012 budget, which still must pass a April 4 vote during a public hearing.

• First, take your assessed property value and divide it by 100. Example: Your home costs the borough average of $309,000. Divided by 100, that equals 3,090.
• Then multiply the quotient (3,090) by the new tax rate per $100 of assessed valuation of 60.3 cents—up from 58 cents in 2011. Example: 3,090 X 60.3 cents = $1,863.
• Finally, the product ($1,863) will show you how much you would owe in property taxes.