2019 Tax Bill Presentation July 16, 2019 Christopher Bardi

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Presentation transcript:

2019 Tax Bill Presentation July 16, 2019 Christopher Bardi Council President Finance & Administration Chair Maureen Chumacas Borough Administrator & CFO

Borough of Roseland Budget Recap 1 Determining the amount to be raised by taxation: Total Appropriations $14,942,784.94 Total Revenue (incl Library Tax) $4,982,494.04 Amount to be raised by taxation $9,960,290.90 2 Calculating the Tax Rate: Amount to be raised by taxation $9,960,290.90 Total Assessed Valuation $1,673,161,300.00 100 Municipal Tax Rate .595%

What does this mean to you? Year 2019 2018 2017 Tax Rate .595 .592 .581 Inc./(Dec)% .55% 1.85% 1.95% Increase Amount $14.00 $51.05 $52.91 3 Calculating the Tax Rate: 100 Average Assessed Value $466,580.00 Municipal Tax Rate .595% Municipal Tax $ $2,776.15

How Your Tax Dollars Are Spent- 2019 Taxation Amount % Municipal Taxes $9,960,290.90 26.20% Regional School Taxes $9,494,227.00 25.00% County Taxes $8,777,935.23 23.10% Local School Taxes $8,881,520.00 23.30% Open Space $334,632.26 0.90% Library Tax $598,329.00 1.60% Total $38,046,934.39 100%

Noecker Budget Year Amount Rate 2018 $8,635,805.00 0.517 2019 $8,881,520.00 0.531 Change $245,715.00 +2.85%

West Essex Regional Budget -Roseland Portion Year Amount Rate 2018 $9,618,091 0.576 2019 $9,494,227 0.567 Change -123,864 -1.29%

West Essex Regional Budget -Allocation 2018-2019 2019-2020 % Inc/Dec Roseland $9,556,719 $9,464,133 24.05% -0.88% Essex Fells $3,552,975 $3,234,228 8.22% -1.05% Fairfield $16,021,180 $17,549,964 44.60% 2.81% North Caldwell $9,206,861 $9,101,257 23.13% -0.89% Total $38,337,735 $39,349,582 100.00% Increase $1,011,847.00 +2.64%

Essex County Budget Roseland’s Portion Year Budget Rate 2018 $8,584,208 0.514 2019 $8,777,935 0.526 Change (=) $193,727 +2.26% Raised Through Taxation Year Budget 2018 $430,625,000 2019 $432,775,008 Change (=) $2,150,008

Tax Rate Summary 2019 2018 Change Local School 0.531 0.517 0.014 Regional School 0.567 0.576 -0.009 County 0.526 0.514 0.012 Library 0.035 - Open Space 0.02 Local 0.595 0.592 0.003 Total 2.274 2.254

Taxes on Average Home in Roseland 2018 2019 Inc./(Dec) Local School $2,412.22 $2,477.54 $65.32 Regional School $2,687.50 $2,645.51 $-41.99 County $2,398.22 $2,454.21 $55.99 Library $163.3 $163.9 $0.6 Open space $93.32 $0 Local $2,762.15 $2,776.15 $14 Total $10,516.71 $10,610.63 +93.92 Average Home Value = $466,580

Important Dates Activity Date County of Essex Adopted Budget 03-27-2019 Borough of Roseland Adopted Budget 04-23-2019 Roseland Board of Education Adopted Budget 04-30-2019 West Essex Board of Education Adopted Budget 04-29-2019 State of NJ Adopted Budget 06-30-2019 Tax Rate Certified and Approved by County of Essex 07-09-2019 Tax Bills Mailed 07-26-2019 Taxes Due (including 25 day grace period) 08-20-2019 (Roseland to provide service or equipment)

Thank You!