Villadom Times Weekly Newpaper Online-April 6, 2011 Issue

April 6, 2011 THE VILLADOM TIMES IV • Page 5 Mahwah Township introduces $32.2 million budget for 2011 by Frank J. McMahon The Mahwah Township Council has introduced a 2011 total budget of $32,298,814 that includes $2,538,684 in a projected reserve for uncollected taxes and represents a $2,442,119, or seven percent, decrease from last year’s total budget. The municipal tax rate based on this budget, however, will rise by 2.3 cents based on the updated property values that resulted from the recently conducted revaluation. If this budget is adopted, the new municipal tax rate of 0.342, which is based on the new assessed values, would add $38 to the municipal property tax obligation of a property owner whose home has the township’s average assessed value of $470,000. Last year’s average assessed value was $358,200. The new municipal tax rate of 0.342 cents per $100 of assessed valuation and the township’s average assessed value of $470,000 will result in a property tax of $1,607 per year. This amount does not include property taxes that support the township’s open space fund, the school district, and the county. The total budget contains projected general appropriations of $29,760,130 plus the $2,253,511 library tax that totals $32,013,640, which is $271,886 less than the $32,285,526 2010 general appropriations that included the library tax. The tax levy needed to be raised to support this budget is $19,621,719 plus $2,253,512 in library tax, which by state law must be reported separately this year. The total of $21,875,231 is $1,189,775 or 5.8 percent more than last year. The township’s total tax rate, including the tax rates for the municipal open space fund, the library, the school district, and the county is expected to rise by 4.6 cents over the revaluation adjusted tax rate. When the township’s new total tax rate of $1.595 is applied to the township’s new average assessed value of $470,000, the overall property tax on that property is expected to drop by $111. Each homeowner can determine his or her total tax by multiplying the township’s new $1.595 projected total tax rate by the new assessed value of his or her property in hundreds of dollars. To determine if that is an increase or a decrease, the homeowner must compare that tax obligation with the tax obligation under the previous total tax rate of $2.124 and the property’s previous average assessed value in hundreds of dollars. Township Administrator Brian Campion advised that the major increases in the budget’s expenditures are an (continued on page 20) For That Special Event �� START TAKING CONTROL OF YOUR FINANCIAL LIFE WITH A COMPLIMENTARY CONSULTATION. We would welcome the opportunity to: • Review your existing portfolio • Revise or create a plan that’s right for you a center for living is pleased to introduce Laurel Pearl-Gross, CMT life well lived inspired �� Mary Jane Callaghan, AIF® 201-934-1818 ext. 201 maryjane@efallc.com Laurel will be available for massage by appointment. “What I offer is a freedom from pain & discomfort by intuitively addressing the entire body. What you bring to the session is your willingness to invest in yourself. What is created is a partnership.” ~ Laurel - Estate Planning - Retirement Planning - Investment Planning* *Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. 300C LAKE STREET • RAMSEY, NJ 07446 • WWW.EFALLC.COM 43 Spring St, Ramsey, NJ • 845-258-0333 • www.alifewellived.com 2nd ﬂoor, rear entrance See our website for coupons-�� See our website for coupons-�� 3-30-11 Karen/Janine EvergreenFinancialColor2x2(3-30-11) 2 x 2” Rev3 REVISED: NANCY ��