Decreases in both tax rate as well as the amount to be raised by taxes.
On Wednesday’s Council Meeting, the 2022 Municipal Budget was unanimously passed. While final total tax amounts will be dependent on the adoption of the school budgets (both Highlands Elementary and Henry Hudson Regional), estimates have been based on their preliminary numbers for illustrative purposes.
Some of the highlights from this year’s budget:
- The estimated total tax rate (Municipal, County, Schools) is projected to be 2.135 in 2022, down from 2.481 in 2021.
- This will be the third consecutive year for a decline in tax rate (2020-2022).
- Based on data from the NJ Department of Taxation, the total tax rate of 2.135 would be the lowest tax rate in decades. Since 1997, the next lowest rate was in 2004 when the rate was 2.245.
- The total dollar amount to be raised in taxes to support the Municipal Budget has also decreased year-over-year, dropping by $195,107.61.
- As previously reported, Highlands has significantly benefited from the forgiveness of the FEMA Community Disaster Loan tied to Superstorm Sandy. This has allowed the borough to make additional investments while still lowering taxes.
- The condition of surplus continues to strengthen, increasing by 757,281.48 (a 38.92% increase year-over-year).
To review the budget in detail, you can find it here: 2022 Proposed Budget
Some additional graphical summaries of the budget are below:
Chart 1 – Total Budget Composition By Source
Chart 2 – Budget Rate Reduction By Source
