SOUTH BRUNSWICK – The South Brunswick Council has lowered the tax rate more than 2 cents since its introduction in February.
The increased tax rate on the $54.9 million total spending budget will be 1.59 cents instead of 3.8 cents, according to Chief Financial Officer Joseph Manzo.
On the local tax levy of $30,864,032, the owner of an average assessed home of $188,800 could see taxes increase $ 2.50 per month or $30 per year, instead of the initial $6 per month or $71.74 per year, Monzo said.
The municipal tax rate has thus been reduced from .857 cents per $100 of the assessed value of a home to .8368 cents.
State aid should remain flat at $5,191,679, while $3.7 million of surplus is being used, Monzo said.
Although this is an increase of $2,517,000 over last year’s budget, the overall reduction in the tax rate is due to “reduced appropriation for COAH (Council on Affordable Housing) expenses, down payments on capital improvements and eliminat(ing) two new hires in Public Works,” Monzo said.
The budget could be adopted later this month after a public hearing.
Contact Jennifer Amato at [email protected].