Tax appeals are being cited as the biggest reason behind the municipal government’s proposed $5 million tax hike in its $71 million budget presented at Thursday’s Township Committee meeting.
Property taxpayers could see significant increases in both the municipal tax rate and the school district’s tax rate. The school tax levy increased by $7 million in the 2013-14 approved Board of Education budget.
Township Manager Michael Muscillo said the increases are largely caused by $1.7 million set aside for property tax appeals, a $40 million decrease in the overall tax base, costing $1.7 million in taxes, and a $1 million increase each for contracted salaries and health benefits.
“It’s not a spending problem, but a revenue problem,” Muscillo said. “We got killed on tax appeals.”
The trend of declining property values is evident all over Ocean County where the $386 million county budget introduced in April, is also plagued with a $10 billion taxable real estate decline and calls for an increase of 3.7 cents per $100 of assessed value.
While Lakewood was spared significant damage from the storm, it was still left with a $5 million Sandy cleanup bill, officials said.
Yet, some items in the municipal budget remained untouched, such as spending about $1.5 million for free trash pickups for nonpublic schools and universities and houses of worship.
The proposed new tax rate of 78 cents is an increase of less than 9 cents per $100 assessed property value.
During the past three years, township and school district officials did not raise taxes.
The public hearing for the municipal budget will be 7:30 p.m. July 11, at Township Hall, 231 Third St.
Source: APP
Property taxpayers could see significant increases in both the municipal tax rate and the school district’s tax rate. The school tax levy increased by $7 million in the 2013-14 approved Board of Education budget.
Township Manager Michael Muscillo said the increases are largely caused by $1.7 million set aside for property tax appeals, a $40 million decrease in the overall tax base, costing $1.7 million in taxes, and a $1 million increase each for contracted salaries and health benefits.
“It’s not a spending problem, but a revenue problem,” Muscillo said. “We got killed on tax appeals.”
The trend of declining property values is evident all over Ocean County where the $386 million county budget introduced in April, is also plagued with a $10 billion taxable real estate decline and calls for an increase of 3.7 cents per $100 of assessed value.
While Lakewood was spared significant damage from the storm, it was still left with a $5 million Sandy cleanup bill, officials said.
Yet, some items in the municipal budget remained untouched, such as spending about $1.5 million for free trash pickups for nonpublic schools and universities and houses of worship.
The proposed new tax rate of 78 cents is an increase of less than 9 cents per $100 assessed property value.
During the past three years, township and school district officials did not raise taxes.
The public hearing for the municipal budget will be 7:30 p.m. July 11, at Township Hall, 231 Third St.
Source: APP
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