Property Tax Bill Information
The Tax Collector bills and collects all property taxes. Your tax bill is calculated based on the assessment of your property, which is set by the Tax Assessor on October 1st of the previous year and a tax rate applied to the assessment. The tax rate is struck by the County Board of Taxation who receives the information from the county, local municipality and the school to determine the amount needed to be raised to cover each entity’s budget. In the Borough of Keyport we also have a county open space tax, a municipal open space tax and for businesses, a business improvement district tax.
Breakdown of Tax Rate - 2016
|Description of Tax
|County Open Space
|Local School Tax
|Local Purpose Tax
|MINI Open Space Tax
|County Health Tax
| Municipal Library Tax
Business Improvement District .070 Total Rate 2.655
The Borough of Keyport is a calendar year municipality, which means the year runs the same as the calendar. Per N.J.S.A. 54:4-66 taxes for municipalities operating under the calendar year are due as follows: First Quarter – February 1; Second Quarter – May 1; Third Quarter – August 1 and the Fourth Quarter – November 1.
The Borough of Keyport has a 10-day grace period. On the eleventh day interest is accrued going back to the original due date of the 1st of the month. However, if the 10th of the month falls on a weekend or Borough Holiday, you will have the next business day to pay without interest.
If interest is charged it is calculated at 8% per annum on the first $1,500.00 of delinquency and 18% per annum on any amount in excess of $1,500 to be calculated from the original due date of the quarterly tax until the date of actual payment. Payments received on delinquent accounts are applied in the following manor:
1) Any interest due
2) Oldest delinquency first
3) Subsequent delinquencies
Tax bills are mailed out once per year in the month of July. The bill has four payment stubs with the first payment stub being Third (3rd) Quarter - due on August 1st.
The February and May payments due for property taxes are estimated taxes and equate to one-half of the previous year’s total bill. The August and November payments are based on the total taxes due for the year less the February and May payments to come up with a balance due for the year and then split into two quarterly payments.
Under New Jersey State law, failure to receive a tax bill does not exempt a property owner from payment of taxes. It is the property owner’s responsibility to make sure that the property taxes are paid when due. A bill is not necessary to make a payment. The Tax Office will be glad to give the owner the amount due over the phone. However, we ask that the block, lot and qualifier (if any) be placed on the check.
When making a tax payment, all checks must be made payable to: Borough of Keyport. The Tax Office does not accept post dated checks. The official payment date is the date when the payment is received by the Tax Office, not the postmark date.
If the bills go out late for any reason, then New Jersey State law (N.J.S.A. 54:4-66.3d) provides that third quarter property taxes shall not be subject to interest until the later of: August 1; or, the ten (10) day grace period, as authorized by a resolution of the governing body (N.J.S.A. 54:4-67); or the twenty-fifth (25th) calendar day after the tax bills or estimated tax bills for the third quarter were mailed or otherwise delivered. N.J.S.A. 54:4-66.4 provides that any payment received after the later of the above dates may be charged interest back to August 1st.
Please advise the Tax Office, in writing, if there are changes to your account. For example, new mailing address, Mortgage Company no longer responsible for paying taxes, refinances with a different mortgage company, etc.