Newark OKs City Budget With Tax Increase For Homeowners

NEWARK, NJ — The Newark City Council approved the 2025 municipal budget during a special meeting last week. It includes a tax increase for local homeowners.

The $990 million budget has grown from $970 million when it was introduced in August. However, according to the city’s business administrator, the tax rate has decreased from $4.016 for every $100 of a home’s assessed value to $4 per $100.

The average Brick City home assessed at $191,065 will see an increase of $533 to the municipal portion of its property taxes, TAPinto Newark reported.

Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. Read More: Here's How Much Newark Homeowners Pay In Taxes (2025 Update)

Watch footage from the Oct. 21 meeting below, or view it online here.

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.

• See Related: Property Tax Revaluation In Newark: Will Your Share Rise Or Fall?

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