Government

Chatham Township Introduces 2016 Municipal Tax Rate That is Lower Than 2005 Rate

e84c21b04d0aaa382cf4_e87db8a20aa96c40e388_BudgSummary.JPG
The Chatham Township surplus used to keep municipal taxes flat has risen to $4.88 million in 2016 Credits: TAP Chatham
b430fbcfa1943abf0fa4_031f8d90953b0bd719fd_taxrate.JPG
The Chatham Township municipal tax rate for 2016 is 26.8 cents per $100 of assessed valuation, lower than it was in 2005 at 26.9 Credits: TAP Chatham
d4955f5d54d374857369_budgHigh.JPG
One of the budget highlights presented was the $334,000 contribution that township employees will make toward their health insurance in 2016 Credits: TAP Chatham
e62c37b6ad91049305a8_5dd3fa97b5715859fd78_ctbudget.JPG
The 2016 municipal budget was introduced at the Chatham Township regular meeting Credits: TAP Chatham
6006fbdd383cde951488_taxlevy.JPG
The tax levy proposed by Chatham Township is $761,000 lower than allowed for 2016 Credits: TAP Chatham
e84c21b04d0aaa382cf4_e87db8a20aa96c40e388_BudgSummary.JPG

CHATHAM, NJ - After some back-and-forth between committee members on what the open space tax should be, Thomas Ciccarone interrupted, noting to the media in attendance that the big news from the Chatham Township Committee meeting was the 2016 municipal budget he was about to introduce.

The township administrator didn't want the great numbers he was about to lay out to get lost in the discussion over a half-cent tax.

For the second straight year, the municipal tax rate in the township has dropped and the introduction of the budget was unanimously approved by a 5-0 vote on Thursday night.

Sign Up for E-News

Despite the fact that 68 percent of taxes collected in Chatham go toward funding the school budget, Chatham Township has done a remarkable job in keeping its municipal tax rate low - so low that it is slightly lower than it was in 2005. The other 32 percent of taxes collected is split between county taxes and township taxes at 16 percent apiece.

In 2014, the municipal tax levy was 29 cents per $100 of assessed valuation and it was lowered to 27.8 cents in 2015. The 2016 rate is a penny lower at 26.8, lower than it was in 2005 at 26.9.

"The entire Township Committee should be proud of the fact that we are able to provide our residents a tax cut for the second year in a row, reflecting the lowest local purpose tax rate in more than 10 years," Mayor Curt Ritter, participating in the meeting by phone from Denver, Colo., said. "Few, if any, municipalities in New Jersey can tout this significant accomplishment. This budget further highlights our efforts to be fiscally conservative in running Chatham Township."

Chatham Township has managed to keep municipal taxes low by building up its surplus and using it to offset rising costs. In 2016, the township is using $3.1 million of its surplus and last year it used $2.8 million. The 2016 surplus Chatham Township has accumulated stands at $4,8 million.

The amount to be raised by taxes for municipal purposes in 2016 is $8,164,140.

"If you've owned your home since 2005 when new values went into effect, and you haven't added, and haven't made any significant renovations, if your assessment is the same as 2005, your local purpose tax is the same," Ciccarone said. "Your school tax is not the same, your county tax is probably not the same, but your local tax is definitely the same."

Ciccarone pointed out that in 1996, the surplus was $660,000 and the budget that year left just $20,000 of a budget surplus. Chatham Township has steadily built up its reserves to the current $4.8 million.

 

 

 

 

 

 

 

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Chatham

Upcoming Events

Carousel_image_e54353bd68f7785329f6_donate-blood

Fri, April 27, 2:00 PM

Madison Area YMCA - Kroll Conference Room, Madison

Blood Drive

Giving Back Health & Wellness Other

Sun, May 20, 2:00 PM

Chatham Township Municipal Building, Chatham

A Tour of Chatham Township and Green Village

Arts & Entertainment

Robotics and Turkey Sandwiches

April 24, 2018

April 22, 2018

Below is the thank you letter written to all of the groups involved in a wonderful service project today in support of Bridges Outreach, a Summit based organization that has been aiding local homeless friends for 30 years.

Dear Central Presbyterian Kindergartners, Stanley Family and friends, Fear the Gear, Columbia High School robotics and Washington Avenue School ...

Chatham Education Foundation's Second 'Casino Royale' Grosses Over $100,000

April 24, 2018

Sometimes the sequel is better than the original! Chatham Education Foundation honored grant recipients and celebrated 21 years of providing grant funding to the School District to the Chathams at its second Casino Royale on Friday, April 20.

The sold-out event, held at Fairmount Country Club grossed over $100K for the School District of the Chathams.

With 300 attendees, including Jill ...