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Township may issue $2.325 million in bonds for property tax refunds PDF Print E-mail
Written by Joe Krakoviak   
Tuesday, 24 November 2009 14:08

[Update: Council approved, on 5-0 vote.] Town Council is scheduled to consider on second and final reading at the Nov. 24, 2009, meeting an ordinance that will allow issuance of $2.325 million in municipal debt to pay for property tax refunds and related costs. If approved by the council, the town will address the loss of expected revenue by gaining replacement revenue from issuing bonds, not by immediately cutting expenditures.

Refunds in the fiscal year so far amount to $2.26 million, plus expenses. That amount is expect to rise further. The refunds are the result of appeals by property owners in the town to lower their tax assessments to more accurately reflect the market value of their property in the wake of the decline in housing values nationwide.

The refunds amount to 4.3 percent of this year's $52.4 million property-tax portion of the town's budget. Because the town by law guarantees 100 percent of collections for the school district, the refunds amount to about 1.2 percent of the total town tax levy of about $190 million. If the bonds are issued, they will be repaid by the town increasing revenues -- property taxes are the primary source of revenue -- or by cuts in expenditures.

I have some questions into the town about the ramifications of these refunds and bonding out. I'll add them once I get them.

http://www.westorangegrassroots.org/images/stories/Ord_2238-09_Bonding Tax Appeal Refunds_101309.pdf 

Last Updated on Wednesday, 06 January 2010 17:05
 
Council considering creation of citizen's budget committee PDF Print E-mail
Written by Joe Krakoviak   
Tuesday, 24 November 2009 17:09

[Update: Council approved on 5-0 vote.] Town Council is scheduled to consider a resolution establishing a citizen's budget advisory committee at its Nov. 24, 2009, meeting. The proposal calls for each of the five Council members to have one appointment to the committee, each serving a one-year term. The committee will review the Town budget and present its analysis, input and suggestions to the Council.

The town had a similar budget advisory committee several years ago.

http://www.westorangegrassroots.org/images/stories/Res_279-09_Citizens_Budget_Comm_112409.pdf

Last Updated on Monday, 30 November 2009 15:50
 
$3 million financing on Town Council agenda for Sept. 29 meeting, for township property revaluation and high school athletic improvements PDF Print E-mail
Written by Joe Krakoviak   
Tuesday, 29 September 2009 15:56

[Update: Council passed ordinance on second reading, 5-0.] The Town Council plans to consider an ordinance authorizing $3 million to finance the upcoming property revaluation and, on behalf of the school district, improvements to the high school athletic facilities at its September 29 meeting.

 

The proposed ordinance also authorizes the improvements to be financed:

 

  1. Bleachers, press box and storage area at the high school athletic facilities.
  2. The costs of revaluing real property in the township.
Last Updated on Wednesday, 06 January 2010 17:04
Read more: $3 million financing on Town Council agenda for Sept. 29 meeting, for township property revaluation and high school athletic improvements
 
Courier-Post has excellent series on property taxation - "Fighting New Jersey's Tax Crush" PDF Print E-mail
Written by Administrator   
Tuesday, 29 September 2009 15:10

I don't usually put up posts about news articles on the main page (unless it has to do with West Orange Grassroots). Links to news articles are here. But the ongoing series by the Courier-Post, which circulates in the southern part of the state, is timely (final property tax notices just arrived, with governor and legislative elections coming in a few months) and well-written in relatively simple style for such a complex issue. http://php.courierpostonline.com/taxcrush/dayone.php

The series is described this way: "New Jersey has the highest property taxes in the nation. Gannett New Jersey takes a hard look at why property taxes are so high — and what can be done to fix them." Here are some of the summaries to stories from the splash page:

The power of unions - Meet the $90,000 patrol officer. He's not a vision of the future. He walks the beat now in Eatontown, Stafford and many other towns in New Jersey, thanks to collective bargaining and binding arbitration that have handed out roughly 4 percent annual raises, on average - even during recessionary times.

Where does your town rank? - See the average property tax in each town and how it has changed since 2000.

Last Updated on Tuesday, 29 September 2009 21:54
Read more: Courier-Post has excellent series on property taxation - "Fighting New Jersey's Tax Crush"
 
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