Equalization ratio calculation - Secaucus
Can anyone tell me how they determine the equalization ratio.
For Secaucus, last year's ratio is 44.46 while this year is 49.72. I just brought a new place and due to the increase in ratio and increase in tax rate, my expected tax bill will be 12% higher than when I made the decision to purchase.
Tax rate for reference is 3.23% for last year and 3.406% for this year.