Town of Kearny
New Jersey

Resolution
(R)-2018-380

Resolution Authorizing Estimated 3rd Quarter Tax Bills.

Information

Department:Chief Financial OfficerSponsors:Council Member Carol Jean Doyle
Category:Budget Resolution

Body

              WHEREAS, the Town of Kearny introduced the 2018 Municipal Budget on April 24, 2018; and

 

              WHEREAS, the Municipal Budget was reviewed by the Division of Local Government Services and comments were received on May 18, 2018, a response to which was submitted on May 21, 2018; and

 

              WHEREAS, the Municipal Budget for 2018 is not yet approved for adoption by the Division of Local Government Services; and

 

              WHEREAS, N.J.S.A. 54:4-66.2 provides for the preparation of Estimated Tax Bills when County Board of Taxation is unable to certify the Tax Levy and Tax Rate; and

 

              WHEREAS, N.J.S.A. 54:4-66.3 provides for a lower limit of 95% and higher limit of 105% of prior year’s tax levy in determining the estimated tax levy and tax rate; and

 

              WHEREAS, the Net Valuation Taxable for the current year is $1,081,067,198.00,

 

              NOW, THEREFORE BE IT RESOLVED THAT:

 

1.              Municipal Tax Levy is set at $42,157,000.00 with a rate of 3.900

2.              Municipal Library Tax Levy is set at $1,241,654.00 with a rate of 0.115

3.              County Tax Levy is set at $17,178,548.62 with a rate of 1.589

4.              County Open Space Tax Levy is set at $386,671.13 with a rate of 0.036

5.              School Tax Levy is set at $53,203,134.00 with a rate of 4.921

6.              Total Tax Levy is set at $113,605,186.82 with a total rate of 10.561

7.              Tax Collector is authorized to prepare and mail out the estimated third quarter tax bills with a due date providing for at least twenty five (25) days from the date of mailing.

Discussion