Hopewell Borough Council members have unanimously voted to adopt a $4.5 million municipal budget that has a tax increase and funds municipal operations in 2025.
Council members voted to approve the municipal budget, which includes a 2.5-cent tax increase for borough property owners, at a Borough Council meeting on May 1. The budget was first introduced on April 3.
Borough Administrator Doug Walker said the borough will maintain current services with this year’s budget. “All services remain unchanged,” he said.
The proposed municipal tax rate will increase from 74.9 cents to 77.4 cents per $100 of assessed valuation for 2025. The owner of an average assessed home at $408,000 would pay $3,157 in municipal taxes.
Municipal taxes are one item on a property owner’s total tax bill, which also includes the Hopewell Valley Regional School District (HVRSD) taxes and Mercer County taxes.
The amount an individual pays in taxes is determined by the assessed value of his or her home and/or property, and the tax rate that is set by each taxing entity.
Property taxes are the main source of revenue supporting the budget. The total amount projected to be raised by property taxes for 2025 is $2.6 million.
On the revenue side, the projected budget revenues include $653,000 in the use of surplus; $342,482 from sewer rents; $200,000 from interest on investments and deposits; $172,344 from state aid (without offsetting appropriations); $18,887 from municipal court; and $9,828 from fees and permits.
On the appropriations side of the budget, the budget will fund appropriations that include $987,000 on municipal debt service.
Additional appropriations include $650,552 towards shared service agreements; $259,525 for the Stony Brook Regional Sewerage Authority; $249,000 for public works (includes salary and wages); $245,000 for insurance; $208,000 on sanitation; $145,272 for the maintenance of the free public library; and $90,000 towards legal services.
There are also appropriations of $86,500 for utilities; $84,500 towards the sewer system; $77,250 towards public buildings and grounds, $52,600 for the planning board; and $33,000 for engineering services and costs.
When the budget was first introduced in April, Walker said that the biggest cost drivers in the 2025 municipal budget were debt service and a 17% increase to healthcare premiums.
