Nutley Homeowners May See Double-Whammy Tax Hike In 2024

NUTLEY, NJ — The Nutley Board of Commissioners introduced the town's proposed 2024 municipal budget at their latest meeting.

If the budget crosses the finish line as written, it will come with a 2.58 percent tax increase for the municipal portion of a homeowners' property taxes. That works out to $108 for a home assessed at $491,000, according to figures presented at the May 21 meeting.

Watch meeting footage below (video is cued to the budget introduction). Adoption of the final municipal budget is scheduled for June 18.

TAXES IN NUTLEY

Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. Here’s how that played out in Nutley for 2023, according to state data:

• School – 50.2%
• Municipal – 34.1%
• County – 15.7%

Nutley homeowners will see a 5.26 percent increase to the school portion of their property taxes under the district’s latest budget, which passed a vote from the board of education earlier this month.

The school tax increase – which town commissioners referenced at their meeting – comes to about $331 for the average homeowner. Read More: Nutley Property Taxes Will Rise Under New School Budget

The school tax hike comes as the district continues to struggle with financial woes. Moody's Investors Service recently downgraded the Nutley Public School District from an A2 rating to an Aa3 rating.

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