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===Taxation=== The [[Tax Foundation]] determined that Bergen County had the third-highest median property tax burden in the nation ($8,708 vs. a New Jersey median of $6,579 and a national median of $1,917) and the fourth-highest level of property taxes as a percentage of median income (8.59% vs. 7.45% statewide and 3.03% nationally), based on an analysis of data from the 2009 [[American Community Survey]] conducted by the [[United States Census Bureau]] for all 792 counties in the United States with more than 20,000 residents.<ref>[http://interactive.taxfoundation.org/propertytax/ Property Tax Data by County], [[Tax Foundation]]. Accessed November 18, 2011.</ref> As of 2010, Teaneck's effective tax rate of $2.492 per $100 of equalized value was the 12th-highest of the 70 municipalities in Bergen County, which had a countywide median effective rate of $2.115 per $100, ranging from a low of $.596 in [[Alpine, New Jersey|Alpine]] to a high of $3.005 in [[Ridgefield Park, New Jersey|Ridgefield Park]].<ref>[http://www.state.nj.us/treasury/taxation/pdf/lpt/gtr12ber.pdf 2012 General Tax Rates Bergen County], [[New Jersey Department of the Treasury]]. Accessed September 16, 2013.</ref> {{As of|2013}}, just under 55% of a Teaneck property owner's real estate taxes goes to support the local school system, 36.7% goes to municipal taxes (including an open space tax) and the remaining 8.4% to cover county services (which also assesses an open space tax). In the decade from 2003 to 2013, municipal taxes had risen at an annual rate of just over 4.5% and school taxes by almost 2.8%, while the [[consumer price index]] for the New York–Northern New Jersey–Long Island area had gone up 2.6% during that time span.<ref name=TaxLevyHistory>Abbott, Tom. [http://election.tomabbott.net/Budget/TaxLevy22Years.htm Teaneck NJ Property Taxes – 1991 to 2013] {{Webarchive|url=https://web.archive.org/web/20140223115039/http://election.tomabbott.net/Budget/TaxLevy22Years.htm |date=2014-02-23 }}, TomAbbott.net. Accessed February 4, 2014.</ref> The 2013 tax rate was set at $2.486 per $100 of assessed value (an overall increase of 3.7% from 2012), which includes school taxes of $1.365 (up almost 3.3%), municipal taxes of $0.871 (an increase of 5.8%), a library tax of $.031 (down 3.1%) and county taxes of $0.206 (down 0.5%), plus a municipal open space tax of $0.010 and a county open space tax of $0.003 (both unchanged).<ref name=TaxLevyHistory /><ref name=Abstract2013>[https://web.archive.org/web/20140221130306/http://www.co.bergen.nj.us/DocumentCenter/View/2409#page=23 2013 Abstract of Ratables for the County of Bergen], Bergen County Board of Taxation. Accessed February 4, 2014.</ref><ref name=Budget2013>[http://election.tomabbott.net/Budget/Council/2013/BudgetSummary2013.pdf 2013 Municipal Budget Resolution], TomAbbott.net. Accessed February 4, 2014.</ref> The owner of a median-valued home in Teaneck, assessed at $465,300, paid 2011 property taxes of $11,190, which would include $6,244 in school taxes, $3,992 in municipal taxes and $949 to the county (including open space levies).<ref name=Budget2013 /><ref>Prosnitz, Howard. [http://www.northjersey.com/news/122174129_Council_approves__65K_budget.html "Teaneck Council approves $65M budget"], ''Teaneck Suburbanite'', May 18, 2011. Accessed November 18, 2011. "The owner of the average house in Teaneck assessed at $465,300 will pay $3,946 in municipal taxes in 2011, an increase of $111 over 2010."</ref> During 2006, Teaneck underwent a [[revaluation]] of all privately owned real estate, as required periodically by the state. This revaluation adjusted property values to market prices, ensuring that taxes are equitably allocated. The average property in Teaneck was assessed at approximately $417,900, an increase of 132.1% from the prior year's average. The new valuations took effect for the 2007 tax year.<ref>Aberback, Brian; and Sheingold, David. [http://www.highbeam.com/doc/1P1-134927966.html "Teaneck's seismic tax shift"] {{Webarchive|url=https://web.archive.org/web/20121103082816/http://www.highbeam.com/doc/1P1-134927966.html |date=2012-11-03 }}, ''[[The Record (North Jersey)|The Record]]'', February 13, 2007. Accessed March 5, 2009.</ref> In the wake of the revaluation implemented in 2007, a wave of tax appeals hit the township, resulting in a loss of about $110 million in ratables and costs to the township of $2.2 million for the 2012 tax year.<ref>Superville, Denisa. R. [http://www.northjersey.com/news/197718831_Teaneck_looks_to_ease_tax-appeal_pain.html "Teaneck looks to ease tax-appeal pain"], ''[[The Record (North Jersey)|The Record]]'', March 13, 2013. Accessed August 13, 2013. "The township is counting on state permission to spread the payment of about $2.2 million in tax appeal judgments over three years and avoid hitting homeowners with a much greater tax increase this year. ... Tax appeals are proving to be extremely nettlesome to the township: Between 2012 and 2013, the borough's ratables declined to $5.91 billion from $6.02 billion, largely as a result of reduced assessments from successful tax appeals."</ref> The township agreed to complete a revaluation by October 2014 that would go into effect in 2015, awarding a $710,000 contract to perform the necessary home visits and determine property values.<ref>Burrow, Megan. [http://www.northjersey.com/news/221589161_Teaneck_approves_revaluation_contract.html?page=all "Teaneck approves revaluation contract"], ''Teaneck Suburbanite'', August 29, 2013. Accessed February 4, 2014. "After paying nearly $2.2 million in tax appeal refunds this year, the Teaneck Council awarded a $712,470 contract last week to Appraisal Systems Inc., which will perform a revaluation of properties in town next year.... But because of the number of properties in town and inspection requirements, the township has informed the county Board of Taxation it will not be able to complete the revaluation by the Oct. 1 deadline and requested an extension to Oct. 1, 2014 for the tax year of 2015."</ref> The Teaneck Public Schools had a Budgetary Per Pupil Cost of $18,417 in its 2012–2013 budget, 26.8% higher than the average of $14,519 budgeted that year by districts in the same grouping of grades and enrollment, ranked as the 101st highest among the 106 K–12 districts in the state with more than 3,500 students.<ref name=TEGSTeaneck /> At the April 2006 school elections, voters rejected the proposed $84.8 million budget for the Teaneck Public Schools for the 2006–2007 school year by a 1,644 to 1,336 margin. Based on recommendations specified by the Township Council, the Board of Education approved $544,391 in cuts.<ref>Aberback, Brian. [http://www.highbeam.com/doc/1P1-123789802.html "Teaneck school board OKs budget cuts"] {{Webarchive|url=https://web.archive.org/web/20121103082801/http://www.highbeam.com/doc/1P1-123789802.html |date=2012-11-03}}, ''[[The Record (North Jersey)|The Record]]'', May 18, 2006. Accessed March 5, 2009.</ref> The school budget was rejected again in 2009, with the Council cutting $1 million from the $94.8 million originally proposed.<ref>Ax, Joseph. [http://www.highbeam.com/doc/1P1-164682722.html "Teaneck Council slashes $1 million from school budget"] {{Webarchive|url=https://web.archive.org/web/20121103082808/http://www.highbeam.com/doc/1P1-164682722.html |date=2012-11-03}}, ''[[The Record (North Jersey)|The Record]]'', May 13, 2009. Accessed September 30, 2009. "The Township Council on Tuesday formally cut $1 million from the defeated $94.8 million school budget. "</ref> After the 2010 school budget failed, the Township Council removed $6.1 million from the $95 million budget proposed by the school district, zeroing out what would have been an 8.2% increase in the school tax levy.<ref>Prosnitz, Howard. [http://www.northjersey.com/news/94395259_Council_cuts__6M_from_school_budget_.html "Teaneck cuts $6M from school budget"], ''Teaneck Suburbanite'', May 20, 2010. Accessed December 9, 2011. "The council cut the defeated $95 million school budget by more than $6.1 million, eliminating five assistant principals, several curriculum supervisors and staff development coordinators. In all, approximately 40 positions were cut, on top of 20 that had previously been eliminating by the Board of Education."</ref> The school board eliminated 77 positions to meet the cuts approved by the council.<ref>Prosnitz, Howard. [http://www.northjersey.com/news/96025969_BOE_cuts__6_1M_from_budget_.html?page=all "Teaneck's BOE cuts $6.1 million from budget"], ''Teaneck Suburbanite'', June 20, 2010. Accessed December 9, 2011. "More than a hundred persons, including parents, current and former Teaneck High School students and teachers wearing union T-shirts, were present at the special board of education meeting on June 2, at which the board voted 8–0 to cut $6.1 million from the 2010–11 school budget.... A total of 77 positions were eliminated, including the director of School/Community Relations, two librarian/media specialists, two curriculum supervisors, the manager of information systems, three secretaries, three maintenance workers and 21 paraprofessionals."</ref>
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