Hoboken 2018 City Budget Proposed; 'Zero Increase To Tax Rate'

HOBOKEN, NJ — Hoboken Mayor Ravi Bhalla has proposed a 2018 municipal budget with a “zero percent increase in the municipal tax rate.” If approved, the proposed budget would keep municipal taxes stable for the 8th straight year, Bhalla said.

As part of the proposed budget, the city will invest $5 million in water main improvements and $2.2 million in road resurfacing projects. Additionally, the city is planning to acquire the Union Dry Dock property, valued at $11.63 million, to advance the city’s plan of a “contiguous waterfront,” Bhalla said.

• See related article: Hoboken Makes $11.6M Offer To Buy Dry Dock From NY Waterway
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“I’m committed to making fiscally sound decisions on behalf of our taxpayers,” Bhalla said. “This budget’s stable tax rate fulfills a promise I made to residents last year on the campaign trail, while allowing us to make new investments in quality of life projects, including infrastructure upgrades and additional open space.”

According to a news release from Bhalla:

“In addition to a stable tax rate, revenue to the city will increase by 3.8%, due in part to the city’s growth in property tax ratables. The city will also maintain a healthy budget surplus to help protect Hoboken’s finances in case of an emergency, so taxpayers are not faced with hardship due to any unforeseen circumstances.”

The current plan is for a public hearing on the budget to take place on April 18, with a vote on May 2, a spokesperson for Bhalla said. The proposed 2018 municipal budget can be seen here.

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