Proposed budget shows 0.9% increase this year
Hoboken’s proposed budget introduced Wednesday night at the City Council meeting includes a potential tax increase of 0.9% or $1.1 million.
The City’s health benefits seeing another seven figure increase this year is described as the driver.
The slight increase represents the smallest tax increase since Mayor Dawn Zimmer became acting mayor back in the summer of 2009. Last year Hoboken saw its largest increase by the current mayor of less than 2%.
The slight proposed increase represents a municipal tax increase of $21 on a Hoboken home valued at $518,000.
Since 2009, overall taxes are down approximately 10% as prior years saw tax reductions under Mayor Zimmer.
Hoboken’s Board of Education anticipates a tax increase but the largest portion of Hoboken resident’s tax bill – Hudson County – has led with massive double digit increases in recent years.