Hopewell Borough property owners are facing a 3.5 cent tax rate increase for the 2024 municipal budget.
Borough Administrator Doug Walker announced the increase when the $4.35 million municipal budget was introduced on April 4.
A public hearing on the budget will be held on May 2.
“The budget provides funding for road projects, capital projects,” Walker said. “Using the average assessment of a $400,000 home, the impact will be $140 annually at $11.66 a month from the tax increase.”
The budget’s projected municipal tax rate is 74.9 cents per $100 of assessed valuation.
The owner of an average assessed home at $400,000 would pay $2,996 in municipal taxes.
Municipal taxes are one item on a property owner’s total tax bill, which also includes school taxes and Mercer County taxes.
The amount an individual pays in taxes is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
Hopewell Borough’s municipal appropriations are expected to be $4.35 million in 2024.
Residential and commercial property owners support the appropriations through a tax levy.
This year’s tax levy is $2.4 million for 2024.
For revenues in the 2024 budget, Hopewell Borough proposes to use $630,000 from surplus as revenue in the budget, which is an increase of $30,000 from the previous year.
Other revenues include: $354,000 in sewer rents; $320,000 reserve for debt; $190,000 in state aid, which is close to a $10,000 increase from aid received in 2023; $172,000 from energy receipts; $43,000 in interest and costs on taxes; $25,000 from the Railroad Station rentals and $14,000 from fines and costs from municipal court.
Hopewell Borough’s budget covers the cost of general government, public works, salaries and wages, shared service agreements, and insurance.
For appropriations, the budget would fund $1 million in municipal debt service, $548,583 shared service agreement with Hopewell Township for police, $264,107 to the Stoney Brook Regional Sewerage Authority, $255,900 on public works, $237,517 on insurance, $206,500 for sanitation, $132,254 towards maintenance of the Hopewell Borough Public Library; and $80,300 on utilities.