If I were to compare the assessed value of the Mountain Lakes with a comparably assessed house in Jefferson, the taxes are pretty much identical (about $8.5k). With all that said, I think you tax dollars go alot farther in ML than they did in Jefferson- the ML schools are top 5 in the state, public beaches, closer to NYC, downtown Denville and you still have tons of parks and great paths along The Boulevard. All of these thing make the taxes in ML a lot easier to swallow than in Jefferson or Rockaway where the taxes are higher and (in my opinion) you don't necessarily get more for your money
Mountain Lakes is typical of small wealthy boroughs - high taxes due to an all-residential nature with little or no commercial ratables. The schools are fantastic, and the money gets spent without complaint since most of the residents can afford to pay the freight.
If your kids are around or nearing high school age, an alternative for you would be to check out properties in Boonton Twp. You get the benefit of Mountain Lakes High School and somewhat lower taxes (about 15-20% lower).
If you have any other questions, contact me through my website. I'm well versed in all areas of northern New Jersey and my goals as a buyer representative are very aggressive right now due to the weak market.
Good luck home shopping Tony!
Francine Craven, Broker/Associate
Re/Max Lakeland Realty
Having grown up in Mt Lakes and now raising 3 kids there, I can tell you that the lifestyle that the town has to offer is first class. Give me a call and I'll show you around; you can read about me at http://www.MrMountainLakes.com
The taxes are high because there is very little commercial development within the Borough.