Lakewood residents and tax payers were hit with a double whammy tax increase last week. The Board of Ed and the township committee passed separate budgets that include tax increases. Despite all the new construction and state aid there was still a need to raise taxes. The school district in Lakewood is unique since the state does not calculate the private school students who are mandated for state services. A home valued at 500,000 will see an increase from both budgets of $400 annually.
LNN reports This past Tuesday night, Lakewood's Board of Education adopted a final annual budget totaling approximately $183 million that would raise $102.84 million from Lakewood's tax payers (with the remainder coming from state aid). The budget is still pending state approval officials say the monitor will possibly overide it because of a request for a state loan to cover special ed in an ongoing litigation)
The tax rate for 2019 will be 1.041¢ per $100 of the property's assessed value. In 2018, the tax rate was 1.012¢. This represents a 2.9% increase to the tax rate.
According to this tax rate figure, an average townhouse which is assessed at $417,900 will be assessed a tax of $4350.33, up from $4229.14 that was assessed at the 2018 rate (a $121.18 annual increase). A single family house which is assessed at $557,100 will be assessed a tax of $5,799.41, up from $5637.85 (a $167.55 annual increase)
People don't realize that we still owe the state $60 million that still has to be repaid (with additional annual shortfalls of $40 million). So of it wasnt for Christie's 2% property tax cap, our taxes would be so much higher. Eventually we will have to cover it somehow.
ReplyDeleteA special thank you to Mr. Art Lang for the lawsuit that he single handily has done forcing the state to pay more to Lakewood who was shortchanged by the flawed formula.
ReplyDeleteall while the town doles out tax abatement's to businesses plus the many tax exempt properties just adds more strain on the tax payers.
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