By Mayor Philip Kramer
The 2016 budget is $59,488,016, which is $55,461.77 less than the 2009 budget. That’s essentially flat over 7 years despite 12 percent inflation*. If passed, the Township Council will raise the levy (the portion of the budget paid by property taxes) by 1.75 percent, or $601,307. That is the lowest tax increase again since 2009.
Our debt service, or the amount we pay on loans or bonds, is down 8.85 percent from last year ($472,312.72).
I’ll reluctantly mention the municipal tax rate because some people follow it, but I caution, it can be a misleading number taken in isolation. Remember, the municipal portion of your property taxes is only about 15 percent of the tax. That being said, in 2015 the tax rate was 37.9 cents per $100 of assessed valuation and this year it’s 37.8 cents per $100.
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