State OKs Teaneck's $2.2M Tax Refund Plan

The state Local Finance Board has approved Teaneck's application to issue refunding bonds to cover $2.2 million in tax appeals, Township Manager William Broughton said Wednesday. 

Under the plan, the town would issue the bonds to cover the slew of successful appeals filed in 2012. The move allows the township to spread the financial impact equally over three years rather than budgeting for the full amount this year. 

The township's $70.6 million budget introduced March 19 largely hinged on state approval of the refund plan. A home assessed at Teaneck's average $452,622 would pay $3,949 in municipal taxes, not including the library tax, according to the town's finance board application. 

The average tax bill would be $11,380 in 2013 under the approved plan, according to the application. If the refunding plan wasn't approved, taxpayers would be faced with an average tax bill of $11,492. 

Council members on Tuesday opted not to make cuts to the budget. The budget is scheduled to be adopted at a public meeting April 23. 

Some residents have criticized the township for not making spending cuts and not revealing the $2.2 million pricetag from successful tax appeals. 

Officials were notified of the tax appeal impact Jan. 7, according to the finance board application. The township set aside $200,000 for tax appeals last year, but the town planned to designate $1 million this year for the fund.

According to the document, 1,800 tax appeals were filed in 2012. As approved, the council has committed to a revaluation in 2014 to be effective in 2015, the application shows.

Follow Patch on Twitter, Facebook and click to sign up for News Alerts. News tip? E-mail teaneck@patch.com