Understanding Your Property Taxes

PARSIPPANY — Residents have been talking about tax increases. Recently Parsippany Focus posted an article regarding the proposed budget increase of 3.5% for municipal tax.

When Parsippany-Troy Hills Township Council approves a budget submitted by the Township Administration, they only approve the municipal tax portion of your bill.

In 2017, 20.77% of your total tax bill was the municipal portion of the total tax bill. The chart below shows the origin of taxes, the percentage in each category and the amount of tax for the AVERAGE homeowner in Parsippany, based on a home value of $309,000.

In 2017, if you home was valued at $309,000 your tax breakdown would be as follows:

Municipal Tax 20.77% $1,839.78
Municipal Library 1.39% $120.59
Municipal Open Space .70% $61.84
Fire Districts (Average) 1.69% $179.34
Local School District 64.54% $5,720.31
County Purposes 10.54% $936.89
County Open Space .37% $34.01
Total Calendar Year 2017 100.00% $8,892.76

The Township Administration is currently proposing a 3.5% increase in municipal taxes. So based on the average home of $309,000, the increase would be approximately $64.93 per year.

The other portions of your tax bill, other than Municipal Library, has not been released at this time.