When must New Jersey municipalities establish tax rates to be effective for the next fiscal year?

New Jersey municipalities must establish tax rates by December 31st to be effective for the following fiscal year. This timeline is crucial for local governments as it aligns with budgetary processes and ensures that property taxes can be assessed and collected in a timely manner for the upcoming year. The establishment of tax rates by this date allows municipalities to finalize their budgets, calculate anticipated revenues from property taxes, and inform taxpayers of their obligations.

This specific deadline supports the larger framework of local government operations, including the preparation of tax bills and the planning of public services funded by these taxes. Consequently, municipalities that miss this deadline may face challenges in implementing their fiscal strategies and fulfilling their roles in local governance.