What the 29¢ tax-rate cap means for Somerset Hills homeowners

Commissioner Wolf raised residents’ concerns that tax rates would ‘triple’ and asked whether the tax rate was capped. County leaders clarified that the tax is calculated as property value multiplied by the tax rate, and the 29¢ figure is a rate cap used for debt projections, not a separate multiplier on assessed value.

As Commissioner Covey explained, “the way their taxes are calculated, it's their property value times the tax rate, period, not the cap. The cap and the debt is how long they'll pay.” The court said maintaining a 29¢ cap is intended to limit the maximum rate used when planning future bond issuances, while actual tax bills will still vary with assessed property values.