SOMERS POINT — City Council has introduced a $14.3 million draft budget, an increase from last year’s $13.6 million spending plan.
A citywide property revaluation will determine how much property owners will pay in local-purpose taxes, but the amount paid by the owner of a home with the city’s average assessment will be up nearly 6 percent.
Owners of homes assessed at the city average — $216,700 this year — would pay $1,847 on their 2014 local-purpose tax bill, $100 more than what they paid last year, when the average home was assessed at $125,732.
The municipal tax rate is expected to fall 54 cents per $100 of assessed property value, from $1.39 to $0.85. The total does not include other taxes, such as schools and county.
Last year, $9,491,456 was raised by taxes. This year, the city expects to raise $10,138,970, almost 7 percent more.
City Tax Assessor Wes Swain said the budget does not reflect any changes to the city’s services. The most noteworthy change is the $1,025,000 surplus being applied to this year’s budget. Last year, the city used $950,000.
He also noted the city has several grant applications in limbo, including post-Sandy planning grants and a grant to construct a master plan, which if approved could take some weight off of the budget.
A public hearing on the proposed budget is set for April 24.
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