Consideration of Property Tax Increase
Consideration of Property Tax Increase
To address the ongoing budget deficit, the Town Council will consider raising property taxes by 41.21%
The past two years have been fraught with cuts to services and amenities throughout the Town of Kearny. This was an inevitable outcome after the the massive shock to the economy during the COVID-19 pandemic. The era of overly extended federal support has come and gone. With a shrinking contingency and rising prices of both materials and labor alike, the Town must find a way to begin funding it’s own assets.
To that end, the Town Council is considering a primary property tax increase of 41.21% to all properties located within Town limits. This consideration is not taken lightly. Without any changes to the rate (currently set to be 2.2068%) a $100,000 home will owe $220.07 per year to the Town. The rate under consideration of 3.1163% will increase this amount to $311.63 per $100,000 in value.
Property Taxes are an important mechanism to help place the Town’s finances in a position to rebound and begin replacing much-needed amenities. Without this proposed rate change, the Town faces even steeper cuts to an already thin budget to avoid losing our contingency funds.
A public hearing will be held on July 28th at Kearny Town Hall before approval of the Final Budget.