Hopewell Township property owners will see a 1-cent increase in the municipal property tax rate, under the proposed $23.1 million municipal budget for 2018, which was recently introduced by the township committee.
The municipal property tax rate will increase from 37 cents per $100 of assessed value to 38 cents. On a property assessed at the township average of $481,500, this means the municipal property tax will increase by $48.50 – from $1,781.55 to $1,829.70.
The proposed spending plan, which will be subject to a public hearing and final action at the township committee’s April 23 meeting, calls for raising $15 million in property taxes to support the budget. This is less than the maximum of $15.2 million permitted by state law.
Other sources of revenue include the use of $1.9 million from the township’s surplus account, as well as $1.6 million in state aid.
Shared service agreements with Hopewell Borough for police services and with Pennington Borough for police dispatch services will generate an additional $514,000 in revenue.
Miscellaneous revenues will generate $1.6 million in revenue. This includes $381,770 in fees and permits, $319,000 in fines and costs from municipal court, and $224,000 in interest on investments and deposits.
On the spending side, public safety makes up the largest expenditure at $3.7 million for salaries and wages and other expenses, followed by $2.4 million for salaries and wages and other expenses for the Department of Public Works.
The budget also includes $2.3 million for medical insurance and $442,158 for liability insurance. The budget earmarks $270,394 for municipal court, including salaries and wages and other expenses.
