Cedar Grove Adopts $12.5 Million 2013-14 Budget

The Cedar Grove Township Council voted unanimously to adopt a $12.5 million 2013-14 municipal budget Monday night that will see resident’s taxes increase by 2 percent.

Under the blueprint, a Cedar Grove homeowner will see a tax bill increase of $46.62 per $100,000 of assessed valuation on a home assessed at the borough’s average of $466,200, Tucci said when the budget was first introduced on Monday, March 18.

The average local tax levy in Cedar Grove is projected to be $1,934.73, he told the council. The assessed value of the average home in Cedar Grove decreased from $470,400 in 2012, he said.

Of the $12.5 million budget, $8,480,403 will be raised by taxes, he added.

“The only reason taxes are going to go up a little bit is because the assessment on our homes has gone down because of the market,” Deputy Mayor Robert O'Toole said March 18. “We have to raise enough money to cover the budget so the taxes will go up slightly because of that.”

“Last year, Cedar Grove was the lowest in the county as far as municipal taxes,” O'Toole boasted.

The budget is 3.3 percent less than it was in 2012 and decreased by $408,727.

After the initial budget presentations, the township was able to make cuts of $5,700 to keep within the two percent cap requirement, said Tucci.

The major items for the budget include the police salary of $91,842, Group Medical Insurance at $104,167 and Workman's Compensation at $12,227.