The Lakewood township committee (Only 3 members were present) voted on a tax increase with the 2019 Municipal budget an increase of $48 dollars for every $100,000 of assessed property value. This is only for the municipal portion of your tax bill which is about 30% of your bill the other 50% goes to school tax and the rest for fire tax and county tax.
The BOE Raised taxes as well this year.
See Video replay HERE
Officials said there was a $5 Million shortfall from last year, and refuted the claim that more housing means more taxes for services. They admittedly could have raised taxes last year but it would have been minimal (a resident asked if it was done so the committeeman who ran for office last year can say they did not raise taxes.)
To see how much your taxes went up for the municipal portion:
Divide your assessed home value by 100 than times that number by the new mill rate which is .6402 (last years was .592)
For example a home assessed at $500,000 divide it by 100 which is 5,000. Now times 5000 by .6402
Home assessed at $100,000 you will pay an additional $48 for a total of $640 that you will pay in taxes this just for the municipal portion.
$200,000 you will pay an additional $96 for a total of $1280
$300,000 you will pay an additional $144 for a total of $1920
$400,000 you will pay an additional $192 for a total of $2560
$500,000 you will pay an additional $241 for a total of $3201
$600,000 you will pay tan additional $289 a total of $3841
$700,000 you will pay an additional $337 for a total of $4481
What does that mean for a total of?
ReplyDeleteThe township gave away 4-5 million last year from municipal tax money to the BOE for after school prograns and busing.
ReplyDeleteNow they say they have a shortfall of 5 million and had to raise taxes.
if there is not enough money they should not hand out tax dollars like water.
Now the township and the BOE have both raised property taxes significantly
Does anyone care???
Why is this not a breaking story on the poop.
ReplyDeleteWhy did the Vaad not release a statement about the tax increase.
With all the increase in property valuations they still had to raise tax rates? This stinks.
ReplyDeleteLast year M&M were up for re electiion of course it would not be a far assumtion that they waited and pushed off the tax increase to make themselves look good
ReplyDeleteVote the bums out they spend our hard earned money like water and now raise taxes even more.
ReplyDeleteWatch the video how an official downplays the tax increase as just a couple hundred bucks.
Disgusting!!