After a revaluation, all assessments in the Borough must be 100% of true market value as of October 1st for the previous year.
Milltown has not had a revaluation since 1997.
The State Division of Taxation determines an equalization ratio for any municipality that has a deviation from 100% of true market value known as Chapter 123.
The 2023 Equalization Ratio is 39.21% of Market Value.
The Chapter 123 Lower and Upper limits for 2023 appeals are 33.33% and 45.09%. These percentages represent +/- 15% of the Equalization Ratio.
A home assessed at 100,000.
Upper Limit (Lowest Market Value): 100,000/.4509 = 221,779
Average (Average Market Value): 100,000/.3921 = 255,037
Lower Limit (Highest Market Value): 100,000/ .3333 = 300,030
This means that if your Market Value is below 45.09% (221,779 as in the above example), you may have grounds to file an Assessment Appeal.
View the Chapter 123 Calculator (XLS) for your property.
A green and white assessment card is mailed in late January, which lists your tax assessment for that year. If a property owner feels that the current year assessment is inaccurate he or she may file a Tax Appeal with the Middlesex County Board of Taxation, with the appropriate fee, not later than April 1st of each year. All taxes must be paid in full through the first quarter of the year.
Middlesex County Board of Taxation
75 Bayard Street – 4th Floor
New Brunswick, NJ 08901
Please note that you do not file an appeal for the amount of taxes you are billed but rather the assessment of the property.
Added Assessment Appeals
Appeals of added assessments to the Middlesex County Board of Taxation must be filed no later than December 1st of the year in which the added assessment is first placed on the Added Assessment List. If the December 1st deadline is missed, the overall assessed value can still be appealed by the following April 1st, but the taxes due on the added assessment cannot be refunded or revised.