NJ.com reports According to an analysis released by the governor's office 368 towns would see property tax reductions including 90 municipalities that would experience at least $2,000 in average household savings. Under the new school funding formula the average Lakewood resident will see a reduction of $503 in property tax relief. Of course thats if costs and other out of control spending are kept in check. Jackson residents will save $246 Toms River $638. Unfortunately, other towns will see a major property tax raise, the town of Passaic, NJ according to a report in NJ advanced media will see a rise up to a whopping $12,385 to offset the cuts.
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