Montclair Town Budget Headed To Council: Here’s The Tax Impact (VIDEO)

MONTCLAIR, NJ — The latest version of Montclair’s proposed town budget is slightly kinder to local property owners, but a hike to the municipal portion of their taxes may still be on the horizon.

On Monday, township CFO Padmaja Rao, acting township manager Brian Scantlebury and financial consultant Bob Benecke hosted a public presentation on the 2023 proposed municipal budget (watch the video below).

The introduced budget document can be seen online here. A public hearing and final vote is scheduled for May 16.

Under early figures presented to the town council in March, officials were predicting a $100 municipal tax increase for a property valued at $633,600. Read More: Tax Increase In Montclair's Future Under Proposed Town Budget

That number has softened a bit according to the latest figures presented on Monday: a property valued at $500,000 would see an increase of $63. Meanwhile, a property valued at $750,000 would see an increase of $95, and a property valued at $1 million would see a $126 increase.

Rao went over some budget projections in a slideshow presentation:

“The 2023 budget is set at $99,990,464. With the 2022 budget set at $95,598,999, it is a 4.59% budget increase. The local purpose tax levy is set at $59,144,712 in 2023, which is an increase of 1.95% from last year’s municipal purpose tax levy of $58,014,756.”

Property taxes in New Jersey are mainly made up of three parts: school, municipal and county. Here’s how that played out in Montclair during 2022, according to state figures:

• School – 57%
• Municipal – 26%
• County – 17%

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