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[quote="news"]Property revaluation complicates results for residents

The Township Committee may seek a 23.4 percent increase in the total amount it needs to raise in municipal taxes, but the impact on the average residential taxpayer is difficult to calculate because of a recently completed townshipwide property revaluation.

The committee introduced a $12.17 million budget Monday, which included a tax levy of $6.5 million — $1.23 million more than in 2006.

Overall, the budget is smaller than last year's $12.5 million spending plan, due to a $900,000 decrease in payments on township debt — from $4.9 million to $4 million.

However, the non-debt payment portion of the budget is proposed to increase by approximately $557,000.

If the proposed budget is approved, the municipal tax rate would be 35 cents per $100 of assessed valuation. Under that rate the owner of a home assessed at the new township average of $673,176 would pay $2,356 in municipal taxes.

([url=http://www.zwire.com/site/news.cfm?newsid=17862268&BRD=1091&PAG=461&dept_id=425419&rfi=6]more[/url])[/quote]

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