LITTLE SILVER: Borough homeowners will be paying lower municipal taxes this year according to the introduced 2014 Little Silver budget.
The Little Silver Council introduced the budget during its March 10 meeting.
The municipal tax rate will be .495, down from .518 in 2013, according to Little Silver Mayor Robert C. Neff.
“For the owner of a $500,000 home, that translates to a reduction of about $115,” Neff said.
The budget calls for $6,706,973.35 to be raised for municipal purposes, or $130,000 under the state-imposed spending cap. Last year, $6,617,947.05 was raised for municipal purposes.
“The slight increase in municipal spending is attributable in part to the ability last year to have used a $215,000 low-interest (and potentially forgivable) loan as a result of Sandy, an increase in overtime and salt due to the snow storms, and a higher reserve for uncollected taxes that we expect to be remedied,” Neff said.
“The ability to have delivered a satisfactory budget is also attributable to the awareness on the part of our department heads of the need for a frugal approach to delivering the town’s services, and on the watchful eye of our CFO, who began working the numbers early,” Neff continued.