GALLOWAY TOWNSHIP — The proposed 2014 municipal budget is heavily affected by the recent revaluation, with a large increase in the tax rate offset by a decrease in the average home assessment.
The proposed tax rate would increase 20.3 cents to 68.3 cents per $100 of assessed value, a 42 percent increase. Galloway Township Manager Susan Jacobucci said that the majority of that increase is due to the revaluation, adding that the rate would have only increased 4 cents without taking the reval into account.
The township lost more than $800 million in net valuation last year, Jacobucci said, a 23 percent drop. Under the revaluation, the average home assessment dropped almost 29 percent, from $236,700 in 2013 to $167,400 in 2014.
So the municipal tax bill on the average assessed home would only increase by $7.57, from $1,136.61 to $1,144.18, an increase of less than 1 percent. The effect the reval had on individual property owners in the township varies, as will the effect on their tax bill.
The municipal tax rate does not include school or county taxes.
Of the 4 cents the municipal rate would have increased even without the reval, 3.52 cents is to pay for bonding from the previous year to pay for tax appeals, Jacobucci said.
The total budget for 2014 is about $25.8 million, an increase of about 1.4 percent from 2013. The amount to be raised by taxes is about $18.5 million, a 1.6 percent increase.
The budget was introduced at Tuesday's council meeting. A hearing is scheduled for April 22, with a vote expected on May 13. The budget will be available on the township website beginning Wednesday.
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