MAHWAH, N.J.– Mahwah officials on Thursday presented a $38.5 million municipal budget for 2016 that Mayor Bill Laforet called “one of the best we’ve ever had.”
If approved by the Township Council, taxes under the plan will increase $33.15 for the average taxpayer with an average home assessed at $473,580.
“[The budget] continues to emphasize the importance of low taxes to the residents of Mahwah,” Laforet said. “It’s part of what makes Mahwah a desirable, safe place to live. Keeping Mahwah taxes among the lowest in Bergen County has been a priority for my administration.”
The 1.8 percent municipal tax rate hike is within the 2 percent state-mandated cap.
Laforet told Daily Voice that the budget reflects the first year of labor contracts negotiated last year.
The mayor presented a pie chart breakdown displaying where the taxpayer dollars are going: 61 percent to the Board of Education; 22 percent to the municipality; 15 percent to the county; and two percent to the library.
“We will continue to provide a full suite of municipal services,” Laforet said.
The township was awarded AAA bond ratings from both Standard & Poor’s and Moody’s.
“What this means to our community is that the cost of debt is at its lowest possible interest rate: .379 percent,” Laforet said.
The 2016 budget will be introduced March 31 and be put to a vote on April 28.