Verona Council Introduces $21.3M Budget, Discusses Tax Impact

At Monday night’s Verona Township Council meeting, the board reviewed and introduced the 2013 municipal budget and discussed the potential tax impacts.

Verona Township Manager Joseph Martin called the introduction an “important step in the budget process,” adding the blueprint is not yet finalized and further discussions need to take place before the plan is eventually adopted by the council.

The 2013 budget totals $21,311,735, of which $15,234,972, or 67 percent, will be covered by taxes.

The tax levy would have been $19,764 lower than in 2012 if not for storm emergencies, Martin said.

“The council needs to decide in the coming weeks on the levy amount to be raised by 2013,” said Martin.

Verona Tax Assessor George Librizzi discussed three possible tax impacts based on a 0 percent, 1.5 percent or 2.5 percent increase in the tax levy. It will be up to the council to decide on the final tax levy.

“I've calculated that the average home would increase $60 a house, annually, with a 2.5 percent increase in the levy,” said Librizzi.

The average assessed value of a home in Verona is $360,200, he said compared to an average of $371,200 in 2012.

The council also has the option to increase the tax levy by 1.5 percent which would mean $30 per house or could decide not to increase the tax levy at all which would mean a decrease of $6 for the average home.

According to Librizzi, the average household would pay $2,733 with a 2.5 percent increase, $2,706 with a 1.5 percent increase or $2,666 with a 0 percent increase in the tax levy. However, the numbers do not take into account the tax levy from the Verona Board of Education budget or figures from the county, he said.

On Tuesday, March 26, the Verona Board of Education approved a $33 million final budget for the 2013-14 school year. Based on the board of education budget, residents can expect an increase of $126 in their property taxes, according to board member Joseph Bellino.

The council will hold a public hearing, and is expected to adopt the 2013 budget, on June 3.