Borough To Increase Property Tax Exemption

Posted: October 14, 2013 at 12:10 pm

Much like the federal government, the Borough now needs to decide how it will respond to a reduction in funding, after voters passed Proposition 1 on October 1, increasing the property tax exemption from $20,000 to $50,000.

 

Borough Mayor Mike Navarre…

 

KPB Mayor Navarre: “We’re going to introduce an ordinance to the Assembly that will implement that change, and as far as how we deal with the impacts from that, and how it’s going to affect either the mill levy or budgets. The budget for this year is already in place, and that was passed in June, and the mill rate was set in June for this year, so it doesn’t affect this year. It really will end up manifesting itself in next year’s budget process, and the decision by the Assembly at that time on whether budget cuts may be necessary as a result of it, are acceptable, or whether we will look at increasing mill rates in certain areas in order to accommodate that tax shift is what it really will amount to in some cases, and may be some reductions in other areas.” 

 

Some voters were concerned during the election that Prop 1 would result in a tax shift, burdening those with larger homes.

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