Caldwell Town Budget Proposed: $30 Tax Increase for Average Homeowner

During their May 19 public meeting, the Caldwell Town Council proposed a $11.72 million municipal budget for 2015.

The proposed budget would mean a $30 tax increase for the Caldwell homeowner with a property valued at $420,700.

According to a report in The Progress:

“The tax levy for 2015 is 0.8 percent increase of 2014. The estimated tax rate is 68.5 cents per $100 of assessed value, up from 67.9 cents last year. This means that a homeowner would pay approximately $685 for every $100,000 of their property’s assessment, up from $679. The tax levy totals $6,900,151, which is up $52,767 over 2014, while the total budget to run the Borough for the coming year is $11,728,382.”

A public hearing for the final passage of the budget is scheduled for Tuesday, June 16.

Send Caldwell area news tips to eric.kiefer@patch.com