Villadom Times Weekly Newpaper Online-August 5, 2009 Issue

Franklin Lakes August 5, 2009 THE VILLADOM TIMES I • Page 5 County sets total tax rate by Frank J. McMahon The 2009 total tax rate for the Borough of Franklin Lakes has been set at $1.196 by the Bergen County Board of Taxation. That rate represents a 4.2 cent, or 3.6 percent, increase over the borough’s $1.154 tax rate in 2008. The increase will result in a $537 annual property tax increase for the owner of a residential property with the borough’s average assessed value of $1,278,690. The exact amount of property tax can be determined by multiplying the assessed value of a property in hundreds of dollars by the borough’s new tax rate. For instance, the owner of a home assessed at $1.5 million will have to pay $17,940 in property taxes as a result of the new tax rate. In Franklin Lakes, the total tax rate is comprised of ﬁve components, including taxes for municipal purposes, Bergen County, the Bergen County Open Space Fund, the local school district, and the regional high school district. The 2009 Bergen County tax rate is 17.9 cents, up from 16.6 cents last year; the current county open space tax levy remains at one cent; and the local school district’s tax rate is now 47.8 cents, up from 47.2 cents. The regional high school tax rate is 33.7 cents, up from 32.9 cents; and the municipal tax rate is now 19.2 cents, up from 17.7 cents. The municipal tax rate was based primarily on the borough’s $14,713,866 budget as it was recently amended to reﬂect addi- tional anticipated revenues and other adjustments. That budget is $323,175 lower than the borough’s ﬁnal budget last year. However, the municipal tax rate increased. The contradiction of a lower budget and a higher tax rate was explained by Frank DiMaria, the borough’s auditor, who pointed out there were large decreases in anticipated revenues, such as a $400,000 decrease in investment interest income and $120,000 less in construction code fees, a $505,000 reduction in the amount of the borough’s surplus being used toward the budget, and the loss of $101,000 in state aid. DiMaria explained that the decreases in revenue were much greater than the decrease in the appropriations, which reﬂect reductions in expenses in all departments, including a monthly temporary layoff of all employees other than uniformed police ofﬁcers, and the retirement of a police sergeant. The situation, he said, required an increase in the tax levy, even though there was a $565,641 increase in the net valuation of the assessed property in the borough, a key component in determining the borough’s tax rate. DiMaria said it was necessary to increase the municipal tax levy by $891,031 in order to balance the budget’s revenues and appropriations. Residents should be receiving their new property tax bills during the ﬁrst week in of August. The grace period for the third quarter tax payment will be extended to Monday, Aug. 31. Payments received after that date will have interest charged back to Aug. 1 as mandated by state law. Franklin Lakes Mayor Maura DeNicola and the borough council recently presented letters of recognition to outstanding high school athletes. Pictured are Councilwoman Nathlie Lota, Mayor DeNicola, Andrew Weiss, Georgia Kalivas, Jeff Barry, Aldo Cascio, Sam Fischer, Steve Gentile, Christine Moleti, Adrian Bak, Jorden Vaccari, and head of the recreation department Harvey Clark. Some athletes were not available for pictures. Athletes recognized BUSHOVEN & COMPANY A Firm of Business Professionals Specializing in: CERTIFIED PUBLIC ACCOUNTANTS • • • • • • • Tax Planning and Preparation New Business Set-ups and Consultation Bookkeeping Services Payroll and Sales Taxes Accounting and Auditing Management Advisory Services Financial Consultation �� Infants, Toddler, Preschool and Kindergarten, Grades 1-6, Ages 6 weeks to 12 years A Truly Unique Montessori School • Unique Phonics Reading Program • Computers • Music • Foreign Language • 3 or 5 Half Days • Full Days 7am - 6pm • Fastrackids • Character Education • Parenting Seminars • Dance Academy CORE of the APPLE Summer Camp For Corporations, Partnerships and Individuals 201-444-0001 317 Godwin Avenue Midland Park, NJ 07432 �� • Daily Swimmming Lessons, Heated Pool designed for safety of young children • Sports/Organized Games • Arts & Crafts • Field Trips • Music/Dance • In House Events Call, visit and • Nature & Science compare the advantages gained for • Computers • Cooking your child... www.applemontessorischools.com 192 Ramapo Valley Rd. OAKLAND 201-337-0183 Please call for our other locations 973-696-9750 Nevins Rd. WAYNE 75 East Ramapo Valley Rd. MAHWAH 201-512-1141