SPRING LAKE HEIGHTS — The borough council unanimously adopted a 2023 municipal budget on Monday, May 15, resulting in a tax rate decrease of about three-and-a-half cents per $100 of assessed valuation.
Total appropriations are $8,078,990, up approximately $112,941 from 2022.
Although the tax rate has gone down, assessed valuations in the borough have risen, so some homeowners may have to pay more in municipal taxes, even at the slightly lower rate per $100. The average assessed value of residential properties in the borough is $750,000.
The net valuation of all taxable property in Spring Lake Heights is projected at $1.8 billion, an increase of more than $266 million from 2022.
The total local purpose tax to be collected is $6,322,205, with the remainder of revenues [surplus, local, state aid and delinquent tax penalty] adding up to $8,078,990—equal to the amount of appropriations.
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