Proposed Newark City Budget Would Include Tax Hike; Hearing This Week

NEWARK, NJ — Newark’s city council is getting ready to hold a public hearing for this year’s municipal budget at 4 p.m. on Wednesday, Aug. 2 at City Hall, 920 Broad Street.

If it gets a final green light, the 2023 proposed budget would raise the municipal tax levy by 3.5 percent. A homeowner with a property valued at $189,640 would see a $109 tax increase. Total spending would increase by .01% over last year’s budget of $823.83 million, TAP Into Newark reported. Read the full article here.

Business Administrator Eric Pennington said the tax increase is due to the “loss of the special state and federal funding” and increased costs the city has had to absorb.

• See Related: Newark City Council Approves Sewer, Water Rate Hikes

The city council has held several budget hearings in the past few months. Videos of the hearings are available online for the following dates (click to watch): June 26; June 28; June 29.

Property taxes in New Jersey are generally made up of three parts: school, municipal and county. Here’s how that played out in Newark last year:

• School – 30.9%
• Municipal – 54.3%
• County – 14.8%

Local voters overwhelmingly approved the 2023-2024 budget for the Newark Public School District in the school election on April 25. Read More: See Election Results For Newark Board Of Education, Budget

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