The City Council will hold a public hearing on the 2014 municipal budget during its meeting on Monday before giving final approval on the $51.8-million spending plan. The governing body is also scheduled to approve the Rahway Arts District‘s annual $130,000 budget, derived from the Special Improvement District (SID) tax.
The 2014 budget, introduced by City Council at its March 10 meeting, projects an increase of $43 in municipal property taxes on the average property, assessed at $133,000.
Municipal taxes would increase 1.3 percent on average, from $3,148 to $3,191, with the municipal tax rate rising to 2.399 per $100 of assessed value. The city budget accounts for about 40 percent of the overall property tax bill.
The full budget, as introduced, can be accessed here. Some of the more interesting line-items anticipated on the revenue side include:
- $1.2 million in revenue from red light camera violations. Cameras were installed at two locations in August 2011 and there was some dispute about the state pilot program in 2012, so 2013 was the first full year of the program, generating $1.211 million.
- $100,000 in hotel taxes (the state levies a 5-percent tax and allows towns to add another 3-percent tax).
- $1.425 million in Payments In Lieu Of Taxes (PILOT) from six properties: $600,000 from Park Square; $400,000 from Denholtz Associates for Rahway Plaza Apartments; $170,000 from the Parking Authority for River Place, $25,000 for Heritage Village at Rosegate and $230,000 from Senior Citizen Housing.
Here’s a look at municipal taxes on the average assessed property over the last few years: