Cedar Grove Introduces $12.5 Million Budget
Municipal taxes to increase two percent because of a decrease of assessed value of homes.
The Cedar Grove Township Council approved a $12.5 million 2013-14 municipal budget Monday night that will see resident’s taxes increase by 2 percent, officials said.
A Cedar Grove homeowner will see a tax bill increase of $46.62 per $100,000 of assessed valuation on a home assessed at the borough’s average of $466,200, Tucci said. The average local tax levy in Cedar Grove is projected to be $1,934.73, he told the council. The assessed value of the average home in Cedar Grove decreased from $470,400 in 2012, he said. Of the $12.5 million budget, $8,480,403 will be raised by taxes, he added.
The $12,532,719 budget will now be forwarded to state officials for approval, after which the council will be able to amend the budget further before its final adoption, Tucci said.
“The only reason taxes are going to go up a little bit is because the assessment on our homes has gone down because of the market,” said Deputy Mayor Robert O'Toole. “We have to raise enough money to cover the budget so the taxes will go up slightly because of that.”
“Last year, Cedar Grove was the lowest in the county as far as municipal taxes,” O'Toole boasted.
The budget is 3.3 percent less than it was in 2012 and decreased by $408,727.
After the initial budget presentations, the township was able to make cuts of $5,700 to keep within the two percent cap requirement, said Tucci.
The major items for the budget include the police salary of $91,842, Group Medical Insurance at $104,167 and Workman's Compensation at $12,227.