By Frank Mustac, Special Writer
The year’s proposed Pennington Borough budget introduced earlier this month would increase the municipal tax rate about a penny more than last year.
On Wednesday, May 4, Borough Council will hold a public hearing on the $3,708,324 budget, after which it will vote whether to approve the spending plan. This year’s budget is about 12.6 percent higher than 2015.
The municipal budget does not include taxes for the library or open space, or for county or school taxes.
If the 2016 municipal budget is adopted, the tax rate will be 42.5 cents per $100 of assessed property value, which is 0.2 percent higher than last year’s rate of 41.7 cents — or about $8 for each $100,000 of assessed value.
The change in the rate means that the property tax bill for municipal spending charged to owners of the average assessed home in town will be about $40 more than last year, according to Borough Administrator Eileen Heinzel.
In Pennington Borough for 2016, the tax bill for municipal services for the average assessed home — valued at $493,649 — is estimated to be $2,098. Last year, the bill for the same house would have been $2,058.
There are 995 taxable properties in Pennington. The total assessed value of all those properties is about $496,405,892.
