Hoboken to introduce $113.2M budget

first_imgHOBOKEN — The city said it will introduce a $113.2 million municipal budget at the next City Council meeting with a slight (1.25 percent) reduction in the municipal tax rate. A release said that the reduction is because they will ask for the same tax levy this year and last year (the amount of property taxes to collect from residents). but because of an increasing ratable base — or more taxable properties pitching in — each person’s rate goes down.“Since becoming mayor, we have worked with the City Council to restore fiscal discipline and hold the line on taxes, and I’m pleased that this year’s budget will provide a modest municipal tax cut,” said Mayor Dawn Zimmer. “Together, we have passed fully-funded, gimmick-free budgets, restored a responsible budget surplus, and improved our credit rating to AA+ from its near junk bond rating.” A property owner’s total tax bill includes three main components: municipal, school, and county taxes, along with smaller components for the library, municipal open space, and county open space. × In 2016, municipal purposes taxes made up approximately 31 percent of total property taxes while county taxes composed 40 percent and school taxes were 24 percent.The budget has to be introduced at a council meeting. Officials and the public can make suggestions. The council will then take a final vote on at a subsequent meeting after a public hearing. Additionally, a series of budget workshops will be hosted on March 27, March 29, and April 3.The 2017 budget can be viewed at www.hobokennj.gov/docs/businessadmin/CY17BudgetIntroduced.pdf.last_img

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