The borough’s new tax rate was set at $1.093, which means an average home assessed at $550,631 will pay approximately $6,000 in taxes.

The tax rate includes Borough, Bergen County and school taxes. Last year’s rate was $2.96. The Borough also finished a property revaluation earlier this year.

Council President Neda Rose said that several properties’ appraisals went down. She said that if they didn’t decrease, the new tax rate kept their taxes down or insured that they didn’t increase as much as the assessments had.

"You want a high assessment but also lower taxes," Rose said. "I think that’s what we were able to accomplish."

Councilman David Weschler said that the revaluation was good because the tax base should be closer to market value.

"I’m glad it did go down for many residents but I know it went up for a lot of the older homes on Undercliff Avenue," he said. "Overall it was a good thing but we need to continue to monitor some situations."

Weschler said the revaluation was done during a housing boom, but the housing market isn’t as strong now.

"Some of the values [in the revaluation] could be higher than they would sell for right now in the market," he said.

Resident Michael Trachtenberg was one of many residents in the borough who appealed his revaluation after seeing an increase.

"There were winners and losers, even within individual condominium associations," he said.

Another issue that Weschler hopes the council will monitor is making sure that businesses pay a fair share in taxes. Weschler said the council would be seeing more analysis on the revaluation from its professionals.

The current tax bills were sent out and the grace period was extended to Sept.15.