By alison granito
Staff Writer
Millstone officials agreed to ask voters for more money to fund land preservation in the township last week.
Currently, township taxpayers pay 5 cents per $100 of assessed property value in a tax dedicated solely to open space and farmland preservation. Last week, the committee voted to place a question on the Nov. 4 ballot, which will ask voters to approve a 3-cent increase in the tax.
Residents who own a home assessed at the township average of $381,750, would pay approximately $114 more in open space tax money per year, if the measure passes.
If the voters approve the question on Election Day, officials can raise the tax up to 8 cents per $100 of assessed property value but cannot exceed that amount.
If the measure passes and the committee raises the tax to the 8-cent maximum, tax bills on a home assessed at the township average would hit approximately $305.
The committee cannot take action to raise the open space tax without voter approval.
If voters approve the tax hike, the additional funds that come in over the next several years could be used to fund additional purchases of land for open space and development rights to local farms, officials have said.
A June memo from the township’s chief financial officer reported that the open space funding for the next several years has been maxed out.
The memo said the township must investigate alternate funding measures to replenish open space coffers, since the money coming in from the tax is earmarked to pay off previous purchases.
At its current level, the open space tax brings in $616,000 a year in revenue, officials said.
Township voters first approved a 1-cent open space and farmland preservation tax in 1995. Voters also approved an increase in the tax to 3 cents per $100 of assessed property value in 1997, and another increase to the current level of 5 cents per $100 in 1999.
Township officials have said Millstone voters are yet to vote down a ballot question asking for an increase in the tax.