Have you heard about the 2% tax increase cap for property tax? In 2010 Governor Chris Christie signed into law a more stringent property tax cap, a compromise that supporters hope will slow the growth in local spending and property taxes.
However there are exceptions to the cap. Those exceptions include:
- Capital expenditures and debt service
- Pension contributions and accrued liability
- Health care costs
- Extraordinary costs associated with a declared emergency (aka Sandy expenditures)
What does that mean for Highlands Residents? Your property taxes could go up over the 2% cap.
The next council meeting the council is voting on O-14-9
WHEREAS, the Governing Body of the Borough of Highlands in the County of Monmouth finds it advisable and necessary to increase its CY 2014 budget by up to 3.5%over the previous year’s final appropriations, in the interest of promoting the health,safety and welfare of its citizens; and, WHEREAS, the Governing Body of the Borough of Highlands hereby determines that a 3.5% increase in the budget for said year, amounting to $200,923.34 in excess of the increase in final appropriations otherwise permitted by the Local Government Cap Law, is advisable and necessary.
What can you do about it? Pay attention to what the council is spending money on and bonding out. Hold them accountable for their spending.
For example: hiring Deblasio (new CFO) for a 4 year term without looking for options.