SOUTH ORANGE, NJ – The projected property tax increase for South Orange has decreased from 1.7 percent to 1.43 percent, according to village Administrator Barry Lewis Jr.

This means that the tax increase for the homeowner whose property is assessed at the village average of $460,274 will pay approximately $62 more in 2013, rather than $75 with a 1.7 percent increase.

The decrease is due to an increase in the total assessed value of South Orange property for 2013, Lewis said. The original tax increase was initially calculated using last year’s figures.

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In 2012, the total assessed value of property in the village was $2,242,456,700. The total for 2013 is $2,248,477,271.

“As you can see, there is an additional approximate $6 million in ratables in 2013 to spread the tax levy across,” Lewis said in an email.

The village’s Board of Trustees introduced a $33.5 million budget at its meeting June 10. A public hearing on that budget is scheduled for the July 8 meeting.