Public hearing on budget slated for Monday

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.

billsThe 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:

Last year’s $50.7-million budget saw an average increase of $116, and successful tax appeals contributed to almost a quarter of that tax hike, or about $25.

Here’s a look at municipal taxes on the average assessed property over the last few years:

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