On Election Day, Nov. 3, Jackson residents will vote on a binding public question that will ask them if they want to lower the municipality’s open space tax assessment.
The question will state, “Shall the Township Open Space Trust Fund be amended to reduce the amount of the levy for open space from 3 cents per $100 valuation to 2 cents per $100 valuation?”
An interpretive statement issued by the township clerk’s office said Jackson’s mayor and Township Council want voters to decide whether Jackson’s open space tax should remain at 3 cents per $100 of assessed valuation or whether the open space tax should be reduced to 2 cents per $100 of assessed valuation.
If the majority votes yes, that will result in the local open space tax being reduced from 3 cents per $100 of assessed value to 2 cents per $100 of assessed value.
This would place the amount of funds generated annually for open space at about $1,350,000, of which $740,000 is dedicated to debt service for prior open space acquisitions, leaving $610,000 being raised each year for new open space acquisitions of vacant lands to prevent future development of that property.
If the majority votes no, that will result in the open space tax remaining at 3 cents per $100 of assessed value.
This would place the amount of funds generated annually for open space at about $2 million, of which $740,000 is dedicated to debt service for prior open space acquisitions, leaving $1,260,000 being raised each year for new open space acquisitions of vacant lands to prevent future development of that property.
The amount of money a property owner in Jackson pays into the open space fund each year is determined by the assessed value of his property.
With a home assessed at $350,000 and an open space tax rate of 3 cents per $100 of assessed value in place, that property owner currently pays $105 into Jackson’s open space trust fund.
If the open space tax rate is reduced to 2 cents per $100 of assessed value, that same property owner with a home assessed at $350,000 would pay $70 into Jackson’s open space trust fund, for an annual savings of $35.