MONTVALE—The Borough Council introduced a preliminary $22.5 million budget at its March 26 meeting that increased average property taxes by 1.4% annually, or $45 on the average assessed home of $541,096, said the borough administrator.
A public hearing on the budget is set for April 30 at 7:30 p.m. at borough hall.
The preliminary 2024–2025 budget totals $22,488,233, a difference of $415,527, or an increase of 1.8% in appropriations over last year’s budget of $22,072,706. The budget also includes a minimum public library tax of $914,823.
The amount to be raised by local taxes for 2024–2025 is $13,472,021 versus last year’s tax levy of $13,186,076, an increase of 2.16% in the local levy.
Administrator Joseph Voytus told us that debt service for land purchases, such as $5.15 million for 8.4 acres at DePiero’s Farm, and for capital projects including roads, police, and public works vehicles , plus the increased cost of liability insurance all add up.
“All of those things that you bond for eventually you have to pay for,” Voytus said.