VILLAS – The Lower Township Council on April 1 approved a $34.6 million municipal budget for 2024.
The tax rate actually dipped ever so slightly, going from .6180 per $100 of assessed value in 2023 to .6179 in 2024. The owner of a $300,000 home will pay about 30 cents less under the new budget than under last year’s.
When the budget was introduced on March 4, municipal auditor Leon Costello said the zero tax rate increase was “no joke,” saying the township did not employ any gimmicks to get to zero.
“Your ratables are up, you have no tax increase, and you have a great CFO (chief financial officer),” Costello said, referring to township CFO Lauren Reed.
Costello told the council the budget, which was approved without comment from the public, was below its state-mandated spending and tax levy caps, by $166,000 and $533,000, respectively.
Helping the budget along was an increase of nearly $11 million in assessed values in the township, going from $3.726 billion to $3.737 billion.
The township’s total tax levy will increase by about $71,000, while revenue is projected to be up $780,000 for 2024. The township will spend an additional $562,000 for salaries and wages in 2024 and an additional $725,000 for other expenses. Payments for debt service will amount to about $1.1 million this year.
The township has a tax collection rate of 99.06%, dipping slightly from 99.25% in 2023.
Contact the author, Christopher South, at csouth@cmcherald.com or 609-886-8600, ext. 128.
