NEW PROVIDENCE, NJ – Owners of residence with an average assessed value of $282,000 will see an increase of $44 in their municipal tax bill from last year. The assessed value is about half a home’s market value.
Council President Michael Gennaro said the municipal tax represents about 21% of a resident’s tax bill. The renaming components are school and county taxes.
“We’re holding the line pretty well,” Gennaro said as he compared borough taxes to other Union County municipalities.
One of the larger increases in appropriations was $275,000 for reserves to cover tax appeals.
Speaking of tax appeals, Borough Council approved a resolution to settle two property tax assessments with BOC Group, owners of properties located at 70 Ryder Way and 575 Mountain Avenue.
Carried on the tax rolls at $6,686,000, the Ryder Way property will be reduced to $5,000,000 for 2013 and $4,000,000 for 2014. The 2015 assessment has been reduced to $3,800,000.
Assessments for the Mountain Ave. property for 2011 – 14 remain unchanged and affirmed at $13,365,400.
One of the highlights of the meeting was a proclamation commending Derek Estrada, a middle school student, for selfless service to others and for helping to raise awareness of Crohn’s and colitis.
“He is an extraordinary young man who is always there without being asked,” Mayor Al Morgan said.
The young man has been fighting colitis since he was ten years old and is devoted to helping raise money to fund research, Mayor Al Morgan said.
“Derek always tries to find ways to help kids who are facing medical challenges,” the mayor added.