Borough of Paramus

---

The reassessment of Paramus has been completed in accordance with the rules and regulations mandated by the State of New Jersey requiring all real property be appraised at its fair market value. We have made a complete analysis of all recent market data in order to accomplish this task and to determine the value of all properties as of October 1, 2022.  

Please do not apply the 2022 tax rate to your new value. The aggregate value of total assessments in Paramus will change for the 2023 tax year; therefore, the tax rate will change.

We have predicted a tax rate of 1.444 (per $100 of assessed value) based on the assessment changes. This estimated tax rate was based on the prior year (2022) tax levy and does not include any potential budget increases in 2023. The exact tax rate cannot be computed until the County, School and Municipal budgets are approved and calculated into the official 2023 tax rate this summer.

FOR EXAMPLE ONLY:

$755,000 (New Assessment) x 0.01444 (Estimated new rate before budget increase) = $10,902 (Taxes)

If you wish to discuss your new 2023 assessed valuation, you may contact Associated Appraisal Group within 7 business days of the receipt of this letter. To schedule an appointment with a representative, call (201) 493-8530 between the hours of 9:30am and 4:30pm, Monday through Friday. To request a copy of your property record card for review, please email paramus@njaag.com. Please allow 24-48 hours to receive your property record card.

Thank you for your cooperation during the reassessment process.