The levy imposed on actual property within the Village of Ridgewood, New Jersey, funds important municipal companies comparable to public colleges, highway upkeep, and emergency companies. This monetary obligation is calculated based mostly on the assessed worth of a property, influenced by elements like location, dimension, and comparable gross sales within the space. As an illustration, a bigger property with current renovations may be assessed at the next worth, leading to the next tax invoice in comparison with a smaller, much less up to date property in the identical neighborhood.
Secure and predictable native income streams are very important for a thriving group. These revenues permit for constant funding in infrastructure enhancements, high quality schooling, and a secure, well-maintained surroundings. Traditionally, such levies have performed a key function within the improvement and sustenance of native communities, offering the mandatory sources for development and stability. This funding mechanism ensures that residents contribute proportionally to the maintenance and enhancement of their shared environment.
This exploration will additional delve into the mechanics of assessments, fee schedules, potential exemptions, and the affect these levies have on each particular person owners and the broader group. Understanding these elements supplies owners with a complete view of their monetary obligations and permits for knowledgeable decision-making relating to actual property within the village.
1. Evaluation Course of
The evaluation course of varieties the cornerstone of property taxation in Ridgewood, New Jersey. This course of determines the assessed worth of a property, a vital determine used to calculate the tax legal responsibility. The Village of Ridgewood employs certified assessors who consider properties based mostly on numerous elements, together with dimension, location, age, situation, and up to date gross sales of comparable properties. This valuation course of goals to determine a good and equitable foundation for distributing the tax burden amongst property homeowners. As an illustration, two comparable properties located on the identical road may need differing assessments on account of variations in inside renovations or lot dimension.
Correct and clear assessments are vital for sustaining public belief within the tax system. This course of instantly impacts the quantity particular person owners contribute to municipal companies. An intensive and constant evaluation methodology ensures that properties are valued pretty, stopping undue monetary burdens on some whereas making certain enough income for the municipality. This course of depends on goal standards and established valuation strategies. Common reassessments assist be certain that property values replicate present market situations, contributing to a extra equitable distribution of the tax burden. In a dynamic actual property market, periodic reassessments are important for sustaining accuracy and equity. For instance, vital enhancements to a property, like including a brand new wing, may considerably improve its market worth and, consequently, its assessed worth.
Understanding the evaluation course of supplies property homeowners with essential insights into how their tax liabilities are decided. This data empowers property homeowners to interact with the system successfully, together with using out there attraction mechanisms in the event that they consider their evaluation is inaccurate. A well-defined and accessible evaluation course of strengthens transparency and accountability throughout the native authorities’s fiscal operations, contributing to a wholesome and steady group. This contributes to knowledgeable monetary planning and fosters a extra engaged and knowledgeable citizenry.
2. Tax Charges
Tax charges signify a vital part of the property tax system in Ridgewood, NJ. These charges, expressed as a proportion or per-thousand {dollars} of assessed worth (mills), instantly decide the ultimate tax legal responsibility for property homeowners. The municipal finances, encompassing expenditures for important companies comparable to schooling, public security, and infrastructure upkeep, drives the willpower of those charges. A better budgetary requirement usually necessitates the next tax fee to generate enough income. As an illustration, if the village finances will increase on account of rising schooling prices, the tax fee might also improve to cowl the extra expenditure.
A number of elements affect the setting of tax charges. These embrace the full assessed worth of all properties throughout the village, the general budgetary wants, and any relevant state laws or limitations. For instance, a considerable improve within the whole assessed worth of properties throughout Ridgewood may permit for a decrease tax fee whereas nonetheless producing the required income. Conversely, a lower in property values may necessitate the next tax fee to satisfy the identical budgetary calls for. Understanding the interaction of those elements supplies beneficial context for deciphering annual tax fee changes. Shifts in property values, on account of market fluctuations or new building, can considerably affect the tax fee required to fund municipal operations.
Cautious administration of tax charges is crucial for sustaining fiscal stability and a wholesome native financial system. Predictable and affordable tax charges contribute to a steady actual property market and foster confidence amongst residents and companies. Conversely, excessively excessive or risky tax charges can deter funding and negatively affect property values. A clear and well-defined course of for establishing tax charges, coupled with accountable finances administration, promotes public belief and helps long-term group well-being. This necessitates a stability between funding important companies adequately and sustaining a tax burden that helps sustainable financial development inside Ridgewood.
3. Fee Deadlines
Adhering to property tax fee deadlines is essential for property homeowners in Ridgewood, NJ. These deadlines make sure the well timed assortment of income important for funding municipal companies and sustaining the monetary stability of the village. Failure to satisfy these deadlines may end up in penalties, curiosity accrual, and potential liens on the property. Understanding the fee schedule and out there fee strategies is significant for accountable property possession.
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Quarterly Fee Schedule
Ridgewood sometimes operates on a quarterly property tax fee schedule. These funds are usually due on particular dates all year long, offering property homeowners with a structured strategy to managing their tax obligations. Particular due dates are publicly out there and readily accessible by the village’s official web site and different communication channels. This structured strategy permits owners to finances and plan their funds accordingly, minimizing the chance of late funds and related penalties.
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Grace Durations
Whereas adhering to the official due dates is paramount, Ridgewood sometimes provides a brief grace interval earlier than penalties are assessed. This grace interval supplies a small buffer for unexpected circumstances, comparable to postal delays or processing errors. Nevertheless, counting on the grace interval just isn’t advisable, as well timed fee stays the most effective apply. Property homeowners ought to familiarize themselves with the precise size of the grace interval to keep away from incurring pointless penalties. As an illustration, a grace interval may lengthen the fee deadline by a couple of days, providing a restricted window to keep away from penalties.
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Fee Strategies
Varied fee strategies are sometimes out there to facilitate handy and environment friendly tax funds. These choices usually embrace on-line funds, mail-in checks, and in-person funds at designated areas. The provision of a number of fee channels caters to numerous preferences and circumstances, making certain accessibility for all property homeowners. Understanding the precise procedures and necessities for every fee technique is crucial for seamless transactions. For instance, on-line funds could require registering an account and linking financial institution info, whereas mail-in funds necessitate adhering to particular mailing directions.
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Penalties of Delinquency
Failure to satisfy fee deadlines ends in penalties, sometimes calculated as a proportion of the excellent tax quantity. Continued delinquency can result in escalating penalties, curiosity accrual, and probably a tax lien being positioned on the property. A tax lien can considerably complicate property transactions and probably result in foreclosures in extreme instances. Due to this fact, well timed fee is essential to keep away from these monetary and authorized ramifications. Understanding the results of delinquency underscores the significance of adhering to the established fee deadlines and proactively addressing any fee challenges.
Managing property tax funds successfully is a elementary side of property possession in Ridgewood. Understanding the fee deadlines, out there fee strategies, and the results of delinquency is essential for sustaining compliance and avoiding potential monetary and authorized problems. This accountable monetary administration contributes to each particular person monetary well-being and the general fiscal well being of the group.
4. Exemptions
Sure property homeowners in Ridgewood, NJ, could qualify for property tax exemptions, which may cut back their tax burden. These exemptions are sometimes based mostly on particular standards established by state and native laws, aiming to offer monetary aid to eligible people or entities. Understanding these exemptions and the appliance course of is essential for probably lowering property tax liabilities.
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Senior Citizen/Disabled Individual Exemptions
Residents assembly particular age and revenue necessities, or these with disabilities, could qualify for a discount of their assessed property worth, consequently reducing their tax invoice. These exemptions acknowledge the potential monetary constraints confronted by these demographics and goal to offer focused aid. Particular eligibility standards, together with revenue thresholds and incapacity certifications, should be met to qualify for these exemptions. For instance, a senior citizen with a restricted mounted revenue could qualify for a considerable discount of their property tax obligation.
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Veteran Exemptions
Eligible veterans and their surviving spouses or dependents might also qualify for property tax exemptions. These exemptions acknowledge the service and sacrifice of veterans and supply monetary help. Totally different ranges of exemptions could apply based mostly on the veteran’s service historical past and incapacity standing. A veteran with a service-connected incapacity, as an example, could obtain a bigger exemption than a veteran with out a incapacity. The precise exemption quantities and qualifying standards fluctuate based mostly on state and native laws.
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Non secular or Charitable Group Exemptions
Properties owned and utilized by qualifying non secular or charitable organizations could also be exempt from property taxes. This exemption acknowledges the societal advantages offered by these organizations and their contributions to the group. Strict standards, together with demonstrated group profit and adherence to particular operational necessities, should be met to safe this exemption. A church offering group outreach applications, for instance, could qualify for a full or partial exemption. Nevertheless, a property owned by a spiritual group however used for business functions might not be eligible.
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Completely Disabled Veterans/Gold Star Household Exemption
New Jersey provides property tax exemptions to veterans who’re 100% disabled, their surviving spouses, Gold Star mother and father (mother and father of service members killed in motion), and Gold Star spouses. This full property tax exemption removes a big monetary burden for these people and households who’ve made profound sacrifices for his or her nation. Its essential to seek the advice of with the native tax assessor to know particular eligibility necessities and the appliance course of.
Navigating the panorama of property tax exemptions requires cautious consideration of eligibility necessities and diligent adherence to software procedures. These exemptions supply beneficial alternatives for certified property homeowners in Ridgewood to mitigate their tax burden, however understanding the specifics of every exemption is essential. Consulting with the native tax assessor’s workplace can present customized steering and clarification on the appliance course of and particular eligibility standards. This proactive strategy ensures that eligible residents entry the monetary aid out there by these applications, contributing to particular person monetary well-being and a extra equitable tax system throughout the group.
5. Appeals Course of
The appeals course of supplies a vital mechanism for property homeowners in Ridgewood, NJ, to problem their property tax assessments in the event that they consider them to be inaccurate or unfair. This course of ensures equity and accountability throughout the tax system, providing a proper avenue for resolving disputes relating to assessed values. Understanding this course of empowers property homeowners to guard their monetary pursuits and ensures a extra equitable distribution of the tax burden.
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Grounds for Enchantment
Appeals should be based mostly on legitimate grounds, sometimes together with demonstrable errors within the evaluation course of, comparable to incorrect property measurements, inaccurate comparisons to comparable properties, or clerical errors. Merely disagreeing with the assessed worth with out supporting proof is inadequate. For instance, if a property’s evaluation displays a bigger sq. footage than its precise dimension, this discrepancy constitutes legitimate grounds for an attraction. Equally, demonstrating that comparable properties with comparable traits had been assessed at considerably decrease values can help an attraction.
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Submitting Procedures and Deadlines
Strict adherence to established submitting procedures and deadlines is essential for a profitable attraction. These procedures sometimes contain submitting a proper attraction software, together with supporting documentation, inside a specified timeframe. Lacking deadlines may end up in the forfeiture of attraction rights. As an illustration, failing to file the attraction software by the designated date could render the attraction invalid, no matter its deserves. Data relating to particular deadlines and required documentation is available by the Ridgewood tax assessor’s workplace.
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Proof and Documentation
Supporting an attraction requires compelling proof and documentation. This will embrace images, value determinations, surveys, or different related documentation that substantiates the declare of an inaccurate evaluation. Presenting clear and concise proof strengthens the attraction and will increase the probability of a good end result. For instance, a current skilled appraisal indicating a decrease market worth than the assessed worth can function sturdy supporting proof. Equally, documentation of current gross sales of comparable properties at decrease costs can bolster the attraction.
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Listening to and Evaluation Course of
Following the submission of an attraction, a listening to or assessment course of sometimes ensues. This will contain presenting the attraction earlier than a county tax board or different designated authority. The property proprietor has the chance to current their case and supporting proof, whereas the assessor explains the premise for the unique evaluation. This course of permits for a radical assessment of the proof and a willpower based mostly on the deserves of the attraction. The result of the listening to could end in an adjustment to the assessed worth, upholding the unique evaluation, or additional assessment if needed.
The appeals course of performs an important function in making certain the accuracy and equity of property tax assessments in Ridgewood. By understanding the grounds for attraction, adhering to submitting procedures, and presenting compelling proof, property homeowners can successfully navigate this course of and defend their monetary pursuits. This mechanism contributes to a extra equitable and clear tax system, benefiting each particular person property homeowners and the broader group. Efficiently navigating the appeals course of can result in a discount in property tax liabilities, providing vital monetary aid for property homeowners.
6. Price range Allocation
Price range allocation in Ridgewood, NJ, instantly impacts and is considerably funded by property tax revenues. The annual finances outlines the village’s deliberate expenditures throughout numerous departments and companies, together with schooling, public works, public security, and administration. Property taxes function a major funding supply for these budgetary allocations, forming a vital hyperlink between residents’ tax obligations and the companies they obtain. For instance, a good portion of property tax income sometimes funds the native faculty district, supporting trainer salaries, academic applications, and facility upkeep. Equally, property taxes contribute to highway repairs, snow elimination, police and hearth companies, and different important municipal features.
The finances allocation course of entails cautious consideration of group wants, priorities, and out there sources. Public enter usually performs a task in shaping budgetary choices, making certain that allotted funds replicate the priorities of Ridgewood residents. As an illustration, if residents categorical a robust want for improved parks and leisure services, the finances could allocate elevated funding in the direction of this space. Conversely, if public security considerations are paramount, a bigger share of the finances may be directed in the direction of legislation enforcement and emergency companies. The interaction between finances allocation and property taxes creates a direct suggestions loop, the place residents’ tax contributions instantly help the companies and applications prioritized within the finances.
Understanding the connection between finances allocation and property taxes empowers residents to interact extra successfully in native governance. By analyzing the finances and understanding how tax revenues are distributed, residents can achieve insights into the village’s priorities and advocate for applications and companies they deem important. This understanding fosters transparency and accountability throughout the native authorities, contributing to a extra knowledgeable and engaged citizenry. Furthermore, recognizing the affect of property taxes on the finances underscores the significance of accountable fiscal administration on the municipal stage. Environment friendly and efficient finances allocation ensures that tax revenues are utilized properly to offer the very best high quality companies to the group.
7. Impression on Companies
Property tax revenues in Ridgewood, NJ, instantly affect the standard and availability of important municipal companies. This income stream constitutes a cornerstone of the village’s monetary framework, supporting a spread of companies essential for group well-being. A direct correlation exists between the collected property taxes and the extent of companies offered. Ample funding, derived primarily from property taxes, ensures well-maintained infrastructure, strong public security measures, high quality schooling, and numerous different important companies. For instance, constant and enough property tax income permits the village to put money into highway enhancements, preserve parks and leisure services, and supply aggressive salaries for academics and different municipal staff. Conversely, shortfalls in property tax collections can necessitate cuts in companies, probably impacting the standard of life for residents.
A number of illustrative examples underscore this connection. A well-funded public faculty system, supported by strong property tax revenues, can supply smaller class sizes, up to date know-how, and a wider vary of extracurricular actions, enhancing academic outcomes for college kids. Equally, satisfactory funding for public security permits for a well-staffed and geared up police and hearth division, contributing to a safer group. Moreover, constant funding in infrastructure, facilitated by dependable property tax revenues, ensures well-maintained roads, environment friendly waste administration techniques, and dependable public transportation. These examples exhibit the tangible affect of property taxes on the day by day lives of Ridgewood residents.
Understanding the hyperlink between property taxes and repair ranges fosters a extra knowledgeable and engaged citizenry. Residents achieve insights into the monetary mechanisms supporting their group and the significance of their tax contributions. This consciousness promotes fiscal accountability at each the person and municipal ranges. Recognizing the affect of property taxes underscores the need of sound monetary planning and environment friendly useful resource allocation by the native authorities. Moreover, this understanding can encourage group involvement in budgetary discussions and coverage choices, contributing to a extra clear and responsive native authorities. The long-term sustainability of important companies depends closely on steady and predictable property tax revenues, enabling the village to plan for future investments and preserve a top quality of life for its residents.
8. Market Worth Affect
Market worth considerably influences property tax assessments in Ridgewood, NJ. Fluctuations in the true property market instantly affect assessed property values, consequently affecting property tax liabilities. Understanding this relationship is essential for owners and potential consumers, offering insights into potential tax burdens and long-term monetary planning.
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Comparable Gross sales
Current gross sales of comparable properties within the neighborhood function a major benchmark for figuring out assessed values. Assessors analyze these comparable gross sales to gauge prevailing market tendencies and set up a good market worth for a given property. As an illustration, if a number of comparable properties in a neighborhood not too long ago bought for the next worth than common, this might result in a rise in assessed values and subsequently larger property taxes for all comparable properties within the space.
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Property Enhancements
Important renovations or additions to a property, comparable to kitchen upgrades, rest room remodels, or the addition of latest residing area, can improve its market worth. Assessors contemplate these enhancements when figuring out assessed values, probably resulting in larger property taxes. For instance, a home-owner who provides a completed basement or an in-ground pool may even see a rise of their property’s assessed worth and corresponding tax legal responsibility.
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Financial Situations
Broader financial situations, each native and nationwide, affect property values. A strong financial system with excessive demand for housing usually drives up property values, resulting in elevated assessments and property taxes. Conversely, financial downturns can depress property values, probably leading to decrease assessments and tax liabilities. As an illustration, throughout a interval of financial development, property values in Ridgewood could admire considerably, resulting in larger tax revenues for the municipality.
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Neighborhood Components
Fascinating neighborhood attributes, comparable to proximity to top-rated colleges, entry to parks and leisure services, low crime charges, and handy transportation, can positively affect property values. These elements contribute to elevated demand, probably driving up costs and resulting in larger assessed values and property taxes. Conversely, much less fascinating neighborhood traits can negatively affect property values and end in decrease tax assessments. For instance, properties situated in neighborhoods with highly-regarded colleges usually command larger costs than comparable properties in areas with much less fascinating colleges, probably resulting in larger tax assessments for properties in these sought-after neighborhoods.
The interaction between market worth and property taxes in Ridgewood necessitates cautious consideration for each owners and potential consumers. Understanding how market fluctuations, property enhancements, financial situations, and neighborhood traits affect assessed values permits for extra knowledgeable monetary planning. Monitoring market tendencies and understanding the evaluation course of empowers property homeowners to anticipate potential tax implications and handle their monetary obligations successfully. This consciousness is essential for making sound actual property choices and sustaining monetary stability in a dynamic market. Finally, market worth serves as a key driver of property tax assessments, shaping the monetary panorama for property homeowners in Ridgewood and instantly impacting the income stream out there for municipal companies.
Often Requested Questions on Property Taxes in Ridgewood, NJ
This part addresses frequent inquiries relating to property taxes in Ridgewood, New Jersey, providing concise and informative responses.
Query 1: How is the assessed worth of a property decided in Ridgewood?
Assessed values are decided by the Village of Ridgewood’s tax assessor based mostly on numerous elements, together with property dimension, location, age, situation, and up to date comparable gross sales. This course of goals to determine a good market worth for every property.
Query 2: What’s the typical property tax fee in Ridgewood?
The property tax fee fluctuates yearly based mostly on the municipal finances and the full assessed worth of all properties throughout the village. Particular charges are publicly out there by the village’s official sources.
Query 3: When are property taxes due in Ridgewood?
Property taxes are sometimes due quarterly. Particular due dates are readily accessible by the village’s official web site and tax workplace.
Query 4: What are the results of lacking a property tax fee deadline?
Failure to satisfy fee deadlines ends in penalties, curiosity accrual, and probably a tax lien on the property. Continued delinquency can result in extra extreme monetary and authorized ramifications.
Query 5: What exemptions can be found for property taxes in Ridgewood?
A number of exemptions, together with these for senior residents, veterans, and sure disabled people, could also be out there. Eligibility necessities and software procedures fluctuate, and contacting the tax assessor’s workplace is really helpful for particular particulars.
Query 6: How can a property proprietor problem their evaluation in the event that they consider it’s inaccurate?
A proper appeals course of exists for difficult assessments. This course of entails particular submitting procedures, deadlines, and the presentation of supporting proof. Data relating to the appeals course of is out there by the Ridgewood tax assessor’s workplace.
Understanding these continuously requested questions supplies a foundational understanding of the property tax system in Ridgewood. Consulting official village sources and the tax assessor’s workplace can supply additional clarification and deal with particular circumstances.
For additional particulars and particular info relating to property taxes in Ridgewood, please seek the advice of the sources offered under.
Ideas for Navigating Property Taxes in Ridgewood, NJ
Cautious administration of property tax obligations is crucial for owners in Ridgewood. The next ideas present beneficial steering for navigating this complicated panorama.
Tip 1: Perceive the Evaluation Course of
Completely analysis the evaluation course of to achieve a transparent understanding of how property values are decided. This data empowers property homeowners to establish potential discrepancies and make the most of the appeals course of successfully. Attending public info classes hosted by the tax assessor’s workplace can present beneficial insights.
Tip 2: Monitor Market Traits
Keep knowledgeable about native actual property market tendencies. Important shifts in market worth can affect assessed values and subsequent tax liabilities. Monitoring current gross sales of comparable properties supplies beneficial knowledge factors for anticipating potential adjustments in assessments.
Tip 3: Discover Accessible Exemptions
Analysis potential property tax exemptions based mostly on particular person circumstances. A number of exemptions, together with these for senior residents, veterans, and disabled people, could supply substantial tax aid. Contacting the tax assessor’s workplace instantly can present customized steering relating to eligibility.
Tip 4: Adhere to Fee Deadlines
Well timed fee of property taxes is paramount to keep away from penalties, curiosity accrual, and potential liens on the property. Set up a system for monitoring fee deadlines and make the most of out there fee strategies, comparable to on-line funds or computerized withdrawals, to make sure well timed remittance.
Tip 5: Preserve Correct Data
Meticulous record-keeping is crucial for managing property taxes successfully. Retain all related documentation, together with evaluation notices, tax payments, and fee confirmations. These data are essential for verifying fee historical past and supporting appeals if needed.
Tip 6: Interact with Native Authorities
Take part in native authorities conferences and finances discussions to know how property tax revenues are allotted and advocate for accountable fiscal administration. Partaking with elected officers and attending public boards supplies a possibility to voice considerations and contribute to shaping native insurance policies.
Tip 7: Seek the advice of with Tax Professionals
Looking for skilled recommendation from tax advisors or actual property attorneys can present specialised steering tailor-made to particular person circumstances. Skilled session could be notably helpful for complicated tax conditions or navigating the appeals course of.
Implementing these methods promotes knowledgeable monetary decision-making and accountable property possession in Ridgewood. Proactive engagement with the property tax system ensures compliance, minimizes monetary burdens, and contributes to a well-functioning municipality.
By understanding and implementing the following pointers, residents contribute to each their particular person monetary well-being and the general well being of the Ridgewood group. The cautious administration of property tax obligations ensures the continued provision of important companies and helps the long-term stability of the village.
Conclusion
This exploration has offered a complete overview of property taxes in Ridgewood, NJ, encompassing key features such because the evaluation course of, tax charges, fee deadlines, exemptions, appeals procedures, finances allocation, affect on companies, and the affect of market worth. Understanding these interconnected components is essential for all property homeowners and potential consumers. The data introduced underscores the direct relationship between property taxes and the funding of important municipal companies, highlighting the significance of accountable monetary administration at each the person and group ranges.
Knowledgeable engagement with the property tax system empowers residents to navigate their monetary obligations successfully and contribute to a fiscally sound and thriving group. Continued understanding of those mechanisms permits for knowledgeable decision-making relating to actual property investments and fosters a extra clear and accountable native authorities. Proactive participation in native governance, coupled with diligent administration of particular person tax liabilities, contributes to the long-term stability and well-being of Ridgewood, NJ.
