Palisades Park Property Tax Rate

Palisades Park Property Tax Rate

Palisades Park Property Tax Rate = 1.58% (as of April 1, 2022)

This year the average Palisades Park property tax bill has increased by $3,000 to $10,903. That means the average house in Palisades Park is paying a higher percentage of their property taxes than last year’s average of $8,750. The average bill for a two-bedroom, single family home, with a median value of $400,000, is $4,000 higher this year than last year, according to figures from the New York City Department of Finance.

Why is the increase so high? Because of the new school tax surcharge, which was passed by the state legislature in 2011, but went into effect only this year. For the first time, school districts throughout the city will be required to collect a surcharge, which will go toward the construction of new school buildings. The surcharge will be set at 50 percent of the property tax bill on top of the regular school district tax, which has not increased since 2008.

The average house in Palisades Park is paying a higher percentage of their property taxes than last year’s average of $8,750.

While most parents will not pay this extra surcharge directly, many will see it reflected in their property taxes. On a house with a median value of $400,000, this year the surcharge would be $2,000 (50 percent of $4,000), bringing the total property tax bill to $10,903. This is more than twice the $4,000 surcharge last year, and $6,000 above the $6,700 average property tax bill in Palisades Park.

If your property taxes have increased, you may be able to appeal the new amount. The rules for appealing the property tax have changed. The new system will now allow taxpayers to make their appeals online. You can also still file papers with your local tax assessor. The deadline to appeal your property taxes is June 5. You can appeal your property taxes here.

The increase in property tax bills comes as the city’s property tax bills are increasing, as well. The average property tax bill in the city is $7,700, up $1,800 from last year.

In other news, the city’s Department of Housing Preservation and Development announced it will issue nearly $25 million in low-interest loans to help finance the construction of 1,000 affordable housing units across the city. The city is also providing another $16 million in low-interest loans to develop 1,000 units of new public housing, as well.

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