Chapter 123, Upper and Lower Limits of Assessment
Chapter 123, Laws of 1973, as amended by Chapter 51, P.L. 1979 concerns tax appeals and establishes "common level ranges" for use on appeals in cases of alleged discrimination. The amendment changed the definition of average ratio from an unweighted, unclassified arithmetic average to the average ratio as determined by the Director for State School Aid.
The "common level range" for each district is defined by taking 15% of the ratio and deducting from the ratio for the lower limit and adding to the ratio for the upper limit.
The Sales Ratio for Boonton Township for the current tax year (2018) is 94.33%. Following is an application of the current Sales Ratio to a property in Boonton Township whose assessed value is $280,500.00.
| Total Assessment | $280,500.00 | ||
| Total Square Feet | 1,308 | ||
| Indicated Value | Price per SQ.FT./ per unit | ||
| Upper limit (cannot exceed 100% Market Value) | 108.48% | $258,573.01 |
$197.69 |
| Average | 94.33% | $297.360.33 | $227.34 |
| Lower Limit | 80.18% | $349,837.86 | $267.46 |
| Market Value | $275,000.00 | ||
| Ratio Applied | $259,407.50 | ||
| Indicated Loss (Ratio Applied - Assessment) | $21,092.50 |
Click here for a list of 2018 Sales Ratios for Boonton Township and other municipalities in Morris County.
