STAFFORD, NJ — Stafford’s proposed municipal budget for 2024 has a small tax rate decrease and a tax levy increase.
The $56 million budget was presented by Township Administrator Matthew Von Der Hayden and CFO Doug Gannon at the latest Township Council meeting.
In the proposed budget is a 0.945 tax rate, compared to last year’s rate of 0.948, or a decrease of 0.34 percent.
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This means the average home assessed at $294,000 will pay $9.41 less in taxes annually.
Also in the budget is a $18.4 million capital plan, which has the 2024 road program, stormwater improvement, buildings and grounds improvements and more.
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The tax levy will be increased by one percent in order to build up the township’s surplus, according to officials. It can only legally increase by two percent in a year.
By increasing the surplus, the township hopes to further increase its bond rating, Von Der Hayden said.
When the council voted to introduce the budget the only “no” vote was from Councilman Paul Krier, who disagreed with the tax levy increase “at a time when I think the township can readily afford to lower the tax and still be aggressive in terms of increasing our surplus,” he said.
You can learn more about the budget here.
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