HASBROUCK HEIGHTS, NJ - Now that Governor Phil Murphy and the New Jersey Legislature have agreed to a budget, the next question that the average homeowner should be asking is, “How does this budget impact me?” Well, depending on where you live, the impact should be different.
For those living in the 38th Legislative District (which includes Hasbrouck Heights and Teterboro), the impact of the new budget deal should be tangible.
“The 38th Legislative District received $14 million in new school funding in the budget deal funded today (Sunday), with all our school districts seeing a boost,” stated State Senator Joseph Lagana. “That includes $1 million to Hasbrouck Heights this year, which is something we pushed for.”
Lagana, in a statement released to TAPinto Hasbrouck Heights/Wood-Ridge/Teterboro, stated that the budget deal was:
- Funded by asking those making over $5 million and corporations to pay their fair share
- Corporations saw their tax rates slashed by 14 percent while New Jersey property tax payers were hurt by the federal plan
- Invests $2 billion in transportation infrastructure, including resources needed to improve New Jersey Transportation
- Fully restores the Homestead Rebate, which is a program that helps seniors on a fixed income
- It also provides critical funding for social programs, such as charity care funding for hospitals
- The deal also increases the amount that homeowners can deduct for property taxes on their New Jersey tax returns from $10,000 to $15,000.
Under terms of the deal, Hasbrouck Heights funding will go from $1.481 million dollars to 2.491 million, an increase of 68 percent from 2018. Teterboro’s funding, which is minimal, goes from $3,880 to $9,654.
Wood-Ridge and Moonachie, which are in Congressional District 36, will also receive funding increases, albeit smaller ones. Wood-Ridge will go from $834 thousand to $883 thousand (a 5.9 percent increase. Moonachie received an 11.8 percent increase, to $459 thousand from $411 thousand.
When contacted last week, Hasbrouck Heights Superintendent of Schools Dr. Matthew Helfant stated that there were no plans in place to spend the additional funding.
“I will wait until we actually receive it,” Helfant said. "before we start spending it."
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