NEW PROVIDENCE, NJ – Council President Michael Gennaro, who also chairs the Finance Committee, told council members that the committee expects to recommend a 2.17 percent municipal tax increase at the council’s next meeting on Feb. 24.
Gennaro said Monday night that anticipated expenses for 2014 are expected to increase by $473,000, or a 2.8 percent increase over 2013. Revenues are projected to increase by $242,000.
The difference between the two figures, $231,000, is the amount to be raised by taxes. “That amounts to an annual increase of $54.60 to the owner of an average assessed home,” Gennaro said.
Although the budget will be introduced later, this month, formal action is expected to go to a vote at the Borough Council’s April 14 meeting.
Successful commercial and residential tax appeals reduced the borough’s overall tax evaluation base by about $2 million, Gennaro said.
At its Monday night meeting, the council approved resolutions approving contracts to four companies for tax appraisal and assessment services in an apparent anticipation of an increased tax appeal load.
Gennaro noted that tax appeals are a burden on the borough not only in loss of tax revenue but also hiring consultants and attorneys plus the cost of litigation.
In other news, Councilman Armand Galluccio suggested the borough find some meaningful way to memorialize the memory of Mary Parlapiano, who passed away last month and who was a 40-year member of the Rescue Squad.
About 50 police officers, family and friends were on hand to see the Borough Council approve two resolutions approving the rank of Sergeant for Dennis Carovillano and Stephen Drown. The officers were administered their oaths by Mayor J. Brooke Hern.