By Amy Batista, Special Writer
CRANBURY – The Township Committee approved its 2016 municipal budget at $11.1 million last Monday night, which calls a 2-cent hike its municipal tax rate.
Township Administrator and Director of Finance Denise Marabello attributed the increase to pension, affordable housing, library, capital improvement fund, Middlesex County Utility Authoirty and shared services, all of which increased.
The tax rate for 2016 would be 43.7 cents per $100 of assessed value. The average assessed household of $604,091 will see an annual increase of $10 per month or $120 per year in municipal taxes. The average township household in 2015, homes were assessed at $603,813 and had a municipal tax bill of about $226 annual increase per month, she said.
The 2016 budget is $11,179,785.03. That’s an increase of $183,043, which is a 1.7 percent hike from last year’s budget.
According to the budget document, $7,299,227 is the amount to be raised by taxation, which is up by about $349,215 from last year.
The township expects to receive $467,020 in State Aid and $1,452,889 in sewer fees as revenues, according to the document.
Debt service is decreasing $18,428, according to the document.
