SPOTSWOOD — Business Administrator Wayne Hamilton announced that residents will only experience a modest tax increase as a result of the completed 2000 municipal budget.
The total budget came in at $5,776,928. Of that sum, $3,161,840 will become the responsibility of the taxpayers. The balance of $2,615,088 will be paid through general sources, such as state aid and miscellaneous revenue.
This means that the average homeowner will experience a 5-cent increase over last year to $1.57 per $100 of assessed property value. Thus, the owner of the average home assessed at $70,000 will pay $35 more this year.
"We’re pretty happy with the final numbers," Hamilton said, "especially if you consider the added expenses associated with the new municipal building."
Borough Council President Jim Shearn commended Hamilton on a job well done at Monday night’s council meeting.
"Your hard work never goes unnoticed with us and we were truly impressed with your ability to keep the tax levy at a minimum, despite everything we’ve accomplished this year," he said. "On behalf of the entire town, we thank you."