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Report: Council Approves $25.8 Million Budget

A 42 percent tax rate increase is countered by lower average home values, The Press of Atlantic City reports.

Report: Council Approves $25.8 Million Budget
Galloway Council unanimously approved a $25.8 million budget that included a 20.3 cent tax rate increase Tuesday night, The Press of Atlantic City reports.

The increase translates to a 42 percent increase, but is countered by a decrease in the value of the average home, according to the report.

The recent revaluation saw the average home value drop by about 29 percent and resulted in an $800 million loss for the township, according to the report.

The amount to be raised by taxes is $18.5 million, an increase of 1.6 percent, according to the report.

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