When is the deadline for municipalities to review and set property tax rates?

The deadline for municipalities to review and set property tax rates in New Jersey is in early July. This timing is crucial because property tax rates are determined based on the total assessed value of properties and the amount of revenue needed for municipal budgets. By early July, municipalities have usually completed their budget processes and can finalize their tax rates to ensure they meet their funding needs for the fiscal year. This allows enough time for the tax bills to be prepared and mailed to property owners, ensuring the smooth operation of property taxation in the state. Understanding this timeline is critical for tax assessors, local officials, and residents alike, as it affects the assessment and billing processes throughout the year.