Tax rate should remain stable

Florence Township Committee introduces a 2005 budget that would maintain a stable municipal tax rate for the ninth straight year.

By: Scott Morgan
   FLORENCE — A $8.79 million 2005 budget that would maintain a stable municipal tax rate for the ninth straight year, if it is adopted next month, was introduced by the Township Committee last week.
   Since 1997, the local purpose tax rate has not increased in the township and, according to Township Administrator Richard Brook, it will remain at 60.7 cents per $100 of assessed property value, if the council adopts the budget as it was introduced on May 4. The rate translates into a tax payment of $673.77 for the owner of a $110,000 home, the township’s average assessed value.
   The proposed budget is approximately $606,000 higher than last year’s final budget. Mr. Brook said the increase is due to higher salaries and insurance rates, vehicle improvements and snow removal costs. But the increase also reflects $410,000 in grant funds that the township expects to receive this year, Mr. Brook said. Though that money does not reflect expenditure, he said, officials need to account for it in the budget.
   Mr. Brook said the tax rate will remain stable because of increased residential tax revenue and higher interest returns than expected on capital project bonds.
   The public hearing is slated for June 1.