June 23, 2014 at 8:02 AM
SOUTH ORANGE, NJ (UPDATED) – The Board of Trustees will vote on the $33.8 million 2014 municipal budget tonight.
A homeowner whose property is assessed at the village’s average assessed value of $460,274 will pay $59.57 more in taxes this year, based on the tax rate increase of 1.34 percent. This increase applies only to the municipal portion of the tax bill, approximately 27 percent of the overall tax bill. Property owners also pay school and county taxes.
The village anticipates generating $11.9 million in revenue from various sources, including $2.3 million in sewer fees, $700,000 in construction fees and $225,000 in grant money. The remaining $21.9 million is covered by property taxes.
Public safety, as always, is the village’s major expense. Police department salary and wages total $6.55 million, and fire department salary and wages are budgeted at $3.65 million. Another sizeable portion of the budget is the $4.4 million for debt service,
The budget was introduced at the May 19 meeting. A breakdown of the budget can be found here.
The Board of Trustees meets at 7:30 p.m. on the main stage at the South Orange Performing Arts Center. It conducts an executive session from 7:30 to 8 p.m., which is closed to the public. Two public comment periods are scheduled.
UPDATED 7:41 p.m. 6/27/14 to correct the tax rate increase percentage and the dollar amount taxes will increase on a home assessed at the village average.