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2025 general tax rate · Passaic County, NJ
Prospect Park property tax rate
Prospect Park's 2025 general tax rate is $6.231 per $100 of assessed value. A property assessed at $300,000 owes $18,693.00 for the year. That ranks 25th highest of New Jersey's 564 municipalities, among the highest tenth, $3.270 per $100 above the $2.960 per $100 state median.
- 1General tax rate $6.231 per $100
- 2Bill on $300,000 assessed $18,693.00
Your Prospect Park tax bill
The bill before exemptions and credits. Compare every New Jersey rate.
General rate and effective rate in Prospect Park
New Jersey publishes two rates for every municipality. The general tax rate, $6.231 per $100 in Prospect Park, is the one applied to the assessed value on the bill: $300,000 assessed owes $18,693.00. The effective tax rate, $2.913 per $100, is "the general property tax adjusted by the municipality's equalization ratio", the rate on market value. Dividing one by the other puts Prospect Park's assessments at about 46.75% of market value, well below market value, the sign of a town that has not revalued recently; the state median is 70.02%.
The effective rate is the fairer comparison between towns. On it Prospect Park ranks 51st of 564, against 25th on the general rate, and sits $0.770 above the $2.140 median effective rate. At 46.75%, a $300,000 assessment corresponds to roughly $641,711 of market value.
Prospect Park's rate in 2024 and 2025
The general tax rate rose $0.280 per $100 (4.71%) from $5.951 per $100 in 2024, and the same $300,000 assessment owes $840.00 more than at last year's rate. In 2024 Prospect Park ranked 26th. The effective rate went from $3.137 to $2.913 per $100 (down 7.14%), and the implied ratio from 52.71% to 46.75%: market values rose faster than assessments.
Tax on common assessed values in Prospect Park
| Assessed value | 2025 bill | At the 2024 rate | Versus NJ median rate |
|---|---|---|---|
| $200,000 | $12,462.00 | $11,902.00 | +$6,542.00 |
| $300,000 | $18,693.00 | $17,853.00 | +$9,813.00 |
| $400,000 | $24,924.00 | $23,804.00 | +$13,084.00 |
| $500,000 | $31,155.00 | $29,755.00 | +$16,355.00 |
| $750,000 | $46,732.50 | $44,632.50 | +$24,532.50 |
Each bill is the assessed value divided by 100 and multiplied by $6.231, before exemptions, credits or special charges. These are assessed values, not sale prices: at 46.75% the $300,000 row is a property worth about $641,711. The last column is the difference from the same assessment at the $2.960 per $100 state median.
How Prospect Park compares in Passaic County and New Jersey
Among the 16 municipalities in Passaic County, Prospect Park ranks 1st highest; the county median is $4.260 per $100, so Prospect Park sits $1.970 per $100 above it. No municipality in the county has a higher rate, and the next lower is Clifton at $6.129. Statewide, 95% of municipalities have a lower general tax rate than Prospect Park.
Outside Passaic County, the closest rates are Sayreville ($6.259, Middlesex), Old Bridge Township ($6.094, Middlesex), North Brunswick Township ($6.571, Middlesex), Trenton ($5.890, Mercer). Because towns assess at different shares of market value, the effective rate is the better guide to what a house of a given price pays.
Appealing a Prospect Park assessment
New Jersey appeals go to the Passaic County Board of Taxation. The petition is due April 1, or May 1 in a year when Prospect Park implemented a municipal-wide revaluation or reassessment (NJ Division of Taxation). Property assessed above $1,000,000 may go directly to the Tax Court, and a County Board judgment can be appealed to the Tax Court within 45 days. The Board tests the assessment against the common level range: the average ratio plus or minus 15%. Using the 46.75% ratio implied by the state's two rates, that range runs from about 39.74% to 53.76% of market value; the Director's official average ratio for Prospect Park, which the County Board applies, can differ slightly.
The New Jersey appeal page sets out each step with its source and the ratio arithmetic. This is a summary of the published procedure, not legal advice.
Prospect Park property tax questions
What is the property tax rate in Prospect Park, NJ?
Prospect Park's 2025 general tax rate is $6.231 per $100 of assessed value; its effective rate, on market value, is $2.913 per $100. Source: New Jersey Division of Taxation.
How much is the property tax on a $300,000 assessment in Prospect Park?
$300,000 ÷ 100 × $6.231 = $18,693.00 a year, before exemptions and credits. At the 2024 rate the same assessment owed $17,853.00.
Is Prospect Park's tax rate high for New Jersey?
It ranks 25th highest of 564, among the highest tenth of New Jersey municipalities; the median is $2.960 per $100. On the effective rate, which allows for different assessment levels, it ranks 51st.
How do I appeal a Prospect Park property assessment?
Petition to the County Board of Taxation: by April 1 (May 1 after a municipal-wide revaluation) (NJ Division of Taxation; Guide to Tax Appeal Hearings). Then: county board hearing and judgment (Set by the County Board); appeal to the tax court (Within 45 days of the County Board's judgment).
Source: New Jersey Division of Taxation, 2025 General Tax Rates (general and effective tax rates by county and municipality); prior year from the 2024 General Tax Rates. Appeal steps: NJ Division of Taxation, Assessment and Appeals (updated August 15, 2025); NJ Division of Taxation, A Guide to Tax Appeal Hearings (revised 2022). Last checked October 21, 2026. This page explains published figures; it is not tax or legal advice.