If you happen to be a resident of Tenafly with a house assessed at $635,500, you can expect to pay $4,029 for local tax purposes if the municipal budget is approved next month. This would be an increase just shy of $200 more in taxes this year.
Prior to introduction of the budget, the mayor and council reduced the spending plan by $313,775 to ensure it remained under a 5-percent increase over the current local rate.
Mayor Peter Rustin said that getting the number below 5-percent sends a message that the governing body is doing what they can to show their concern for residents.
However, prior to budget reduction, Councilman Michael Latiff raised concern over the current economic state and urged his fellow council members to think hard about the future consequences to tax payers if the budget was to be reduced under five percent for this year.
"I’m just asking us all please to give hard thought to the reality of where we’re living now," he said. "We’re living in unusual times – times many economists are saying surpasses 1929, some are saying we haven’t seen the worst of it."
Making the cuts decreased the average resident’s taxes by less than $30.
Councilman Jon Warms agreed with Rustin that by making these cuts, the council is showing their concern for residents.
"I think it means that we care about our taxpayers that we’re trying to reduce the taxes to the lowest possible number."
The largest increases in the $24,621,818 budget include police and public pensions, Bergen County Utilities Authority sewer charges and a state-mandated increase in library appropriation.
The budget was also impacted by cuts announced by Governor Jon Corzine, which will lower Tenafly’s state aid by $166,821.
A public hearing on the budget will be held on May 13, 2008.
