Page 12 THE VILLADOM TIMES I • May 14, 2014 Franklin Lakes Borough’s 2014 tax levy falls below state cap by Frank J. McMahon The Franklin Lakes Council recently adopted a $16,342,354 budget for 2014 that will result in a 1.95 per- cent increase in the borough’s tax levy to $11,233,414. That figure is under the state cap by $1.4 million. The budget will increase the borough’s tax rate from 26.9 cents to 27.3 cents and raise the municipal portion of the property tax for the owner of a home with the average assessed value of $1,030,000 by $39, to $2,814 per year. That increase, however, must be added to the tax increases for the local and regional school districts, Bergen County, and the Bergen County Open Space tax, to determine that homeowner’s total property tax increase for 2014. When the budget was presented to the public, Frank- lin Lakes Borough Administrator Gregory Hart empha- sized that the municipal tax represents 15 percent of a property owner’s tax bill, while the local school system accounts for 39 percent, the regional high school district accounts for 28 percent, the county accounts for 16 per- cent, and the public library accounts for two percent. Hart emphasized that the borough’s tax rate is one of the lowest in Bergen County and he pointed out that the appropriations in the budget decreased by $187,658 from the 2013 budget, even though there were major increased costs, such as $160,000 for snow plowing and salt, and $98,125 for health insurance. (continued on page 14)