Borough of Tenafly, New Jersey - Finance Department Home Page

The Finance Department is responsible for all financial transactions relating to the revenues and disbursements of the Borough. This department keeps a full account of all cash receipts and disbursements of the Borough, has custody of all investments and invested funds of the Borough in a fiduciary capacity, keeps all moneys not required for current operations safely invested or deposited in interest bearing accounts, handles the payroll for municipal employees, processes requisitions and purchase orders for payment and collects current and delinquent taxes. The Chief Financial Officer oversees the financial operations of the Borough.

Karen Palermo Chief Financial Officer

Lily Tom      Deputy Tax Collector

Mary Heeney                        Deputy Municipal Treasurer

Telephone Numbers 201-568-6100

Tax Office     Extension 5533 or 5534

Treasurer Extension 5537

Accounts Payable     Extension 5538

Payroll Extension 5536

Tax Collection

The Tax Collector is charged with the responsibility for receiving and collecting all taxes and assessments both current and delinquent. The Office of the Tax Collector bills over 4,500 taxpayers and collects taxes quarterly. Taxes are due : February 1, May 1, August 1, and November 1.

A ten-day grace period to the 10th of the month is allowed by resolution of the Mayor and Council after which interest is charged from the first day of the month in which payments are due. The Second Quarter 2008 taxes are due on Thursday, May 1, 2008. The grace period is through Monday, May 12, 2008. Please note that the extension of the grace period applies to this second quarter only. If payments are received after Monday, May 12, 2008, interest is retroactive to the original due date of May 1, 2008 as per New Jersey Statute 54:4-66. Added Assessment bills are also due May 1, 2008 with the same grace period through May 12, 2008.

Taxpayers are urged to read all of the information contained on the front and the back of their tax bills and the accompanying letter. Please note that according to New Jersey State Law, failure to receive a tax bill does not exempt a property owner from payment of taxes. Tax bills are mailed annually, usually during the first 2 weeks of July. This year tax bills were mailed on July 11, 2007.

The top half of the bill is the information section. It contains the total property taxes for 2007, the preliminary taxes for 2008, deductions, the assessed value of the property and your portion of the State Aid the Borough is receiving. Taxes are calculated by multiplying the assessed value by 2.43 (the 2007 tax rate).

On the bottom half of the bill is the tax stubs for the quarterly payments. The 2 blue stubs represent the final half of 2007 and the 2 red stubs the preliminary billings for 2008.

If you are mailing a check to pay your taxes, please be certain that you are paying the amount for the correct quarter. For payment due May 1, 2008, for the second quarter 2008 taxes, the red stub, 2008-2 is located at the bottom lefthand corner of the bill. If you would like a receipt, please send the entire tax bill with your check. Your bill will be receipted (receipts are on the back of the bill) and mailed back to you. If you do not desire a receipt, then mail the property stub and check. Please make checks payable to the Borough of Tenafly.

It is important to note that the municipal taxes are only a portion of a Tenafly property taxpayer's obligation. Two other separate government entities, Bergen County Government and the Tenafly Local Public School District , develop and adopt their own budgets funded by property taxes .

However, New Jersey's Fiscal Laws require the Municipal Government of Tenafly to serve as a billing and collection agency for all three separate entities.

TAX RATE

The 2007 Apportionment of Taxes is as follows:

Amount Rate

Municipal Taxes $17,777,021 0.604

Municipal Open Space $296,168 0.010

County Taxes $6,950,939 0.235

County Open Space Taxes $404,937 0.010

Local School Taxes $46,538,389 1.571

Total Taxes to Be Raised $71,967,454 2.430

NEW JERSEY PROPERTY TAX RELIEF PROGRAMS

The Property Tax Reimbursement Program is for homeowners age 65 years or older, or receiving Federal Social Security Disability Benefits who have paid property taxes on their principal residence in New Jersey. To establish a "base year" applicants must be New Jersey residents for the past 10 years, and living in the home for which reimbursement is claimed for at least the last 3 years. Your total annual income must be less than:

For 2006: $43,693 if you are single or $53,576 if married.

For 2006: $45,135 if you are single or $55,344 if married.

Your reimbursement is the difference between the amount of property taxes paid for your base year and the amount paid for the reimbursement year. If you applied last year a new application will be mailed to you directly from the state. If you would like to apply for the first time we have the PTR-1 forms in the Tax Office or call the number below to receive an application. For more information on this program go to www.state.nj.us/treasury/taxation and click on

Property Tax Relief Programs or call 1-800-882-6597.

The deadline for filing your application for this property tax relief program is June 2, 2008.

TAX SALE

The Tax Sale for all unpaid 2007 taxes is scheduled for Wednesday, October 22, 2008 at 9:30 a.m. at the Borough Hall.