CRANBURY – Township officials are considering a 2019 tax rate cut that would reduce property taxes $650 based on the average assessed $650,000 home value.
The significant municipal tax rate reduction comes after a five-hour budget meeting on Feb. 2 where township leaders discussed the upcoming 2019 budget.
The projected municipal tax rate would be .347 cents per $100 of assessed value, which is 10 cents less than 2018. With a framework in place, the township committee is in the position to adopt the spending plan in April, after the required state review and public hearing.
That potential reduction, Cranbury Mayor James Taylor said this week, “brings our [tax] rate down to around 2006 levels, essentially undoing every tax increase the past 13 years.”
Helping to drive the tax rate reduction, which Taylor said should also lead to no increases for the next few years, is largely due to using some of the township’s more than $8 million surplus and ratables from warehouse sites such as Amazon that are on the east side of Route 130. He attributed that success to long-term planning for business and residential.
“It’s a longtime coming and long-term planning,” Taylor said, “but we were able to use that planning to really drive savings now.”
Those savings won’t have any impact on municipal services residents receive. In fact, despite the potential tax rate cut, Taylor said the budget includes giving the maximum contributions to the fire and first aid companies, making fixes to park areas and addressing needed improvements to some of the streets such as Brick Yard and Plainsboro roads. The Shade Tree Commission would also benefit in this budget.
“This budget accounts for significant infrastructure improvements and development as well,” Taylor said.