Breakdown: Where Did Your Parsippany Taxes Go In 2014?

New Jersey, land of the property tax.

But where does that money go, and what is it used for?

The New Jersey Department of Community Affairs released this week its complete breakdown of each municipality’s tax payments to schools, libraries, counties, and open space sections.

Thanks to a large ratable base and population of more than 53,000 people, Parsippany’s tax payments to schools, libraries, municipality, and county ranked among the lower third in Morris County, one of the highest tax paying counties in the state.

The average property value in Parsippany in 2014 came in at $308,434, with the average annual tax payment of $8,212. The property value is good for 223rd in the state, while the tax value comes in at 228th in the state.

Morris County’s average home value in 2014, the DCA said, was $403,973, and the average annual tax payment was $9,666. That ranked the county fifth and fourth in the state in those categories, respectively.

Parsippany’s property value was 27th out of 39 in Morris County, and annual tax payment was 25th in the county.

But where did your Parsippany property taxes go in 2014? Here’s a breakdown:

• Municipal Open Space Tax: $1,433,317
• Library Tax: $2,827,742
• Municipality: $45,025,417
• School District: $124,231,081
• County Total: $21,562,148.59
• Total Tax Amount Used for Tax Levy: $190,818,646.59

The total figure turns into a tax rate of 2.663, or $2.66 for every $100 of assessed property value. That rate was good for 286th in the state.

County, municipal, and school districts are subject to a 2-percent tax levy cap each year, which prohibits each body from exceeding the previous year’s budget by two-percent. In the case that a town or school district needs to surpass the limit, a vote must be put to the public.

So, what do you think, Parsippany? How does your town stack up against the rest of the county? How about the rest of the state? Are you happy with the numbers are do you think something needs to change?

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