Why Are My 3rd Qtr Property Taxes Different Than Q1 & Q2?

On July 14, the Township of Maplewood sent out an email notice reminding property owners that 3rd quarter 2011 property taxes are due August 1, 2011. 

If you have already paid these charges or your mortgage company pays your property taxes, don't sweat it.  If not, read on. Also, if you're wondering why you're third quarter taxes are different that Q's 1 and 2, here's an explanation from the Township:

In 2010 the Township of Maplewood completed a town wide revaluation of all properties. This became effective in January 2011. The taxes paid for the first and second installments of this year were based upon the 2010 tax rate and 2010 property assessment. The third installment of 2011 is based upon the new property assessment from the revaluation and the estimated tax rate of $3.105 per $100 of assessed value.

The town email continues:

To calculate your total tax for the year 2011, DO NOT multiply the third installment amount by four. Instead, multiply your new assessment by the estimated tax rate of $3.105. That amount is the annual amount of taxes owed.  Subtract the 1st & 2nd installments billed and the balance is what is due for the 3rd & 4th installments.  If there is any change in the final tax rate it will be reflected in the 4th quarter installment.

Residents can confirm that their property tax payments have been received or make payments at any time through the Township web site at www.maplewoodnj.org. Visit the “online payments” menu to view your tax account. From your tax bill, you will need either your account number or your block number, lot number and qualifier (condo or co-op only) and the first four or five letters of the property owner's name exactly as it appears on the tax bill. Payments will be deducted electronically from your checking account. Unfortunately, the town does not yet accept credit cards.

More from the town:

If you are making payments through your own bank’s online bill payment system, be aware that those payments are mailed to our office and are not processed electronically.   Please check with your bank and allow enough time for the post office to deliver before the end of the grace period.

All payments are processed based on date received and not the postmark.  The last day of the grace period is August 10, 2011.  After August 10, interest is calculated retroactive to the original due date of August 1. Payments are applied to all outstanding interest first and then the oldest open principal next.  Remaining principal balances will be considered delinquent and accrue additional interest.  All payments that are returned or rejected by the banks will be reversed and treated as never being received. Penalties and interest may apply at the time of repayment.

It's also important to note that this tax bill is not just for your municipal taxes — the Township of Maplewood collects taxes for three taxing entities:

• the County of Essex,
• the South Orange-Maplewood Board of Education, and
• the Township municipal government. 

When any of these entities has not adopted their final budget or fixed their tax rate for the calendar year at the time of the third installment billing, we must issue an estimated bill. According to the town, an estimated tax bill is necessary to maintain cash flow in the municipality.