Taxpayers Facing Possible $154 to $185 Increase in River Edge

So long as state aid remains flat for municipalities as proposed during Gov. Chris Christie's State of the Budget address, the borough of River Edge is currently facing two possible budgets with tax increases ranging from $154 to $185 on the average assessed home.

With the budget not expected to be finalized until after this weekend, Borough Administrator/CFO Alan Negreann and the River Edge Council discussed two possible budgets: the current under 2% cap tax levy of $11.18 million with a $154 taxpayer hike or going to the full 2% cap levy of $11.39 million for an increase of $185 per household.

According to Negreann the incomplete 2012 municipal budget is $68,830 under the 2011 budget. The current year's budget of $14.57 million included an $11.3 million tax levy while paying off approximately $482,000 in the deferral of pension payments. At that time homeowners with the average assessement of $436,000 were hit with a $234 increase.

"There is currently no change in the assessed values," Negreann said. "The new values could be available by early March following the completed reassessment. My recommendation is that the budget be placed at the 2% levy cap and that the difference go into the revenue so that we can project some surplus in 2013."

The governing body will continue their budget discussions for the Library, Open Space and Capital on Saturday, 8am at Borough Hall.

The completed budget will be introduced on March 4 and could be amended prior to the public hearing in April.