By Stephanie Prokop, Staff Writer
BORDENTOWN CITY — The city’s $4.76 million budget, introduced Monday night, will include an approximate 18.5 percent increase in municipal taxes over last year.
The tax rate decreased by nearly half, down to 73.4 cents compared to last year’s $1.45 per $100 of average assessed property value, but that was due to a revaluation that took place last year that more than doubled the average assessed house value.
The amount to be raised through taxation is approximately $2.95 million, according to Mayor John Collom. For the owner of a house assessed at $245,981, the new average value, this spells a 2008 municipal tax bill of $1,805 — a $282 increase over last year’s tax bill. Last year, the average house value was about $105,000.
According to Township Clerk Pat Ryan, the city could stand to lose up to $266,000 from the state pending the state’s adoption of its budget at the end of June.
This has trickled down to “reducing the budget across the board,” said Mayor Collom.
He added that some city employees had retired and the city was able to replace those positions with newer employees who receive lower-entry level salaries.
“We really just saved a little here, and a little there,” he added.
A public hearing on the budget will take place at 8 p.m., July 14, at City Hall, 324 Farnsworth Ave.
