NEWARK, NJ — The Newark City Council advanced the latest municipal budget at a meeting this week – and it will likely mean a tax increase for local homeowners.
On Thursday, the council introduced the city’s 2025 spending plan, which is several months overdue. It will need to see a public hearing and a final vote before it crosses the finish line.
According to an analysis from the city’s business office, the $970 million budget would mean a $564 municipal tax increase for a homeowner with an average property valued at $191,065 –about 14.4 percent, NJ Advance Media reported.
Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. Last year, Newark homeowners’ municipal taxes made up about 56 percent of their total bill, state data shows. Read More: Here’s How Much Newark Homeowners Pay In Taxes (2025 Update)
A public hearing for the proposed 2025 budget will take place after Sept. 24. An exact date has not been released.
Watch footage from the Aug. 28 meeting below (video is cued to the budget introduction):
PROPERTY REVALUATION
Earlier this year, administrators announced that Newark has been ordered to carry out a city-wide property tax revaluation – the first it has done in 14 years.
During a revaluation, all local properties are reassessed to find out their current “full and fair value.” The goal? To make sure each home or business owner is paying their fair share toward the town’s overall tax burden.
Although almost all property values rise during a revaluation, it doesn’t necessarily mean that all property taxes will increase, experts explain: some may rise and others may fall (learn more here).
During a revaluation, assessors visit properties and conduct inside and outside inspections. These will begin this year in Newark.
City business administrator Eric Pennington said administrators expect the revaluation process to be completed around the fourth quarter of 2026 or the first quarter of 2027.
Newark isn’t the only municipality in Essex County that has recently been ordered to undergo a tax revaluation. The nearby township of West Orange recently completed its own revaluation – the first it has done in more than a decade.
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