Property taxes going down!
Good news, and more good news to come…
Hoboken Property taxes decrease by 5%
Further Declines Expected in Future Quarters
“Hoboken Mayor Peter J. Cammarano today announced that the municipal portion of the upcoming estimated First and Second Quarter property tax bill will decline by five percent.
“We have tightened our fiscal belt and Hoboken taxpayers will see some relief on the municipal portion of their bills,” Mayor Cammarano said. “This reduction represents a down payment on my campaign pledge to lower taxes and is the first of several anticipated reductions in future quarters,” he said.
“Hoboken’s tax bill is comprised of the municipal, school district and county portions of the tax levy. The municipal portion fell by five percent, schools dropped by two percent, while the county portion rose by approximately five percent,” said the City’s Fiscal Monitor Judith Tripodi.
As the City has yet to adopt a budget for fiscal year 2010, the bills for the first and second quarters are on an estimated basis. The City’s fiscal budget year runs from July 1st to June 30th.
By State law, the estimated bills can neither increase nor decrease by more than five percent. Mayor Cammarano said that he anticipates a further significant reduction in the municipal portion of the tax levy through elimination of State-mandated costs, as well as new efficiencies and debt restructuring.
“The reduction of local spending, while maintaining and improving programs and services for all Hoboken residents, is a paramount goal of this Administration. We are constantly monitoring all fiscal expenditures to ensure the best value for taxpayers,” he said.
The estimated quarterly tax bills will be sent to property owners later this week.”