Committee approved the $14 million budget with a 2.1 cent tax rate increase, from 46 cents to 47.1 cents. The increase for a home assessed at the township average $232,000 will see an annual increase of $51.79. The increase is about 99 cents a week.
Last year, the tax rate increased by 3.1 cents, with an increase of $87.90 for the average home. At that time, the average home was assessed at $283,654, but a revaluation has brought the average value down to $281,700.
“Our homes are priced right at market value now,” Cinnaminson Chief Financial Officer Julie Edmondson said during Monday night’s budget presentation at the municipal complex.
The township also managed to cut spending by about $40,000.
“It says a lot that we were able to reduce spending in tough economic times,” Mayor Anthony Minniti said.
She pointed out that $100,000 is being reserved for tax appeals, although the township expects much fewer tax appeals than it has seen recently. Tax appeal costs hovered exceeded $600,000 in 2012 and 2013, which contributed to the tax rate increase and led to a reassessment last year.
The average 2014 tax bill ($1,356.06) will also cover the hiring of two new police officers, increased healthcare costs for employees and a retroactive pension payment.
According to Edmondson, the township’s per capita budget, which is the amount the township pays per resident, remained among the lowest in the area.