Public comment may be submitted via email at comments@lakewoodnj.gov during the meeting.
-Watch Live stream HERE 5:30 pm
-See Agenda HERE and Full agenda HERE
-Introducing 2020 Budget will be read by title only
-estimated tax rate to process estimated tax bills for the Third quarter installment of 2020 taxes;
-2019 Tax Rate 2.186 2020 Estimated Tax Rate 2.215 (see below)
-Ordnance fto establish a Cap Bank increasing the allowed budget increase from 2.5% to 3.5%. The 1.0% increase in the budget for said year, amounting to $ 775,950.58 in excess of the increase in final appropriations otherwise permitted by the Local Government Cap Law, is advisable and necessary;
be increased by 3.5 %, amounting to $2,706,827.03.
-Ordnance: Zone change in Cedarbridge Vine street corner Cedarbridge to R7.5
2020 ESTIMATED TAX RATE
2020 Ratable Total - $10,302,258,900
Amount to be Raised by Taxation: Tax Rate:
LOCAL $67,812,605.00 0.658 (Estimated Local Levy)
SCHOOL $107,000,000.00 1.039 (Estimated School Levy)
COUNTY $46,500,000.00 0.451 (Estimated County Levy)
FIRE DISTRICT $6,861,867.00 0.067 (Actual Fire District Levy)
TOTALS $228,174,472.00
Estimated Rate: 2.215
So is it 2.125 or 2.215? and also can you break out the increase in each of the categories so we can see who is responsible for our ever increasing taxes?
ReplyDeleteWhere is all the new tax revenue going from the hundreds of homes that were added to the tax rolls. why do taxes keep going up
ReplyDeleteEvery house that gets built...RAISES taxes. For sure from the BOE side but even now from the township. Thier reckless building agenda is coming back to bite them in increase public works and traffic guards etc.
DeleteThat is a great question. With the school district, added houses are a money loser for them. For the municipality, it should be a net gain. Additionally, all the commercial construction coming on line is part of the NJ Pilot program, they do to pay taxes to the school district, but do pay a significant amount to the municipality.
DeleteThere is no reason for the municipality to be short on funds. Something funny going on here
There are two separate studies from Rutgers around NJ property taxes and increasing residential ratables. They both state that only increasing commercial ratables brings down taxes. Increasing Residential ratables do not bring taxes down on each homeowners because the new houses add costs to the township (more garbage, police, etc). New commercial buildings don’t add that much costs to a township.
DeleteWhile our township has increased lots of new commercial buildings, most of those buildings are being given tax abatements. So we are gaining nothing there either.
Residential ratables increase taxes because of School District taxes. It doesn't cause that much to increase the other services relative to revenue increase, particularly in high density residential (which I am not a fan of).
DeleteAdditionally, the abatement's were only for School District taxes, the municipality still gets their 2lbs of flesh. Not a fan of these abatement's because the School District needs the funds, but it does not explain the need to raise taxes for the municipality.
The problem is a spending problem, not a revenue problem. Why has their spending increased so much? Where is the money going? was it really necessary to hire 9 more highly paid police officers last year?
@JoeBagel There is a difference between an abatement and a PILOT (Payment In Leu of Taxes). You are talking about a PILOT which the township still gets taxes. An abatement the town does NOT get taxes. Most of Cedarbridge is abatements.
DeleteAnd we hit critical turning point with township resources. The need for so many garbage trucks, they can not go on the streets by day because it backs up traffic, so they go at nights and weekends = double pay! We need lots of crossing guards and pothole repair, Usage of parks etc. Taxes will continue to increase as the mass construction continues.
YitzG That is incorrect. By NJ law, standard abatements are limited to 5 years. The NJ Pilot program is for 20 years, however, the municipality portion must be paid in the PILOT program (for the most part). The PILOT program is a much better financial deal for developers, that is what the vast majority of Cedarbridge has (at least up to this point)
DeleteFull information is posted by LNN Reporter Moshe at https://twitter.com/ReporterMoshe/status/1253438216394272768?s=19.
ReplyDelete