Outstanding Fiscal Responsibility Rating Earned By Mendham Twp.

MENDHAM TOWNSHIP, NJ — Mendham Township, for the seventh time in a row, has earned a Triple-A Bond recognition for its fiscal responsibility.

A Triple-A Bond is the highest rating a municipality can receive from credit rating agencies.

Mendham Township Mayor Sarah Neibart says the rating means “lower borrowing costs, strong financial stability, and real savings for taxpayers,” and reflects “careful planning, disciplined budgeting, and a long-term commitment to fiscal responsibility.”

Residents should be feeling the effects that earned the township the ranking, as the municipal tax rate has decreased by 4.944 percent since last year, reaching $0.329. In other words, the average Mendham Township property owner saw a $371 reduction in the municipal portion of their tax bill this year.

“What makes these results especially meaningful is how we achieved them. We have maintained this top credit rating while keeping municipal taxes flat for the past six years, all while continuing to invest in essential services and long-term infrastructure,” Neibart said. “The Township Committee has adopted policies that actively strengthen our financial position - expanding shared services, increasing public-private partnerships, maintaining a sustainable debt paydown schedule, and making thoughtful, forward-looking investments.”

Neibart credits several factors and committees for the township’s financial situation, including its tax reassessment program, established in 2021.

The tax reassessment program makes it so that when a property tax appeal is settled, Mendham refunds 100 percent of the overpayment from its municipal budget, despite around 80 percent of that tax revenue being distributed to other taxing entities and not being reimbursed, Neibart said.

Since the program was implemented, the number of property tax appeals has dropped from more than 100 every year to just a few in 2024, “directly protecting our municipal budget.”

Neibart says the township’s several committees, state grants, and sustainable practices are to thank for the financial harmony.

“At a time when many municipalities are facing real financial pressure, Mendham Township continues to do what it has always done best: plan ahead, live within our means, and protect the long-term health and character of our community,” she said.