Camden County, NJ Readies Property Tax Increase
CAMDEN, N.J. (CBS) – If you live in Camden County, your real estate taxes are about to go up.
At first glance it would appear that the increase in the tax rate — from 61 to 66 cents per thousand dollars of assessed value — would exceed the two-percent state cap on tax increases. But that cap covers the tax levy — the total amount of cash an entity takes in — and in that configuration the county’s $332-million budget complies.
“Excluded from the cap are items such as debt service, pension payments, health benefits, and emergency expenses such as snow removal,” says Camden County freeholder-director Lou Cappelli.
Many non-essential services will be closed every other Friday to make ends meet. The average tax bill will go up about $55 per year after the budget is formally approved next month.
Reported by David Madden, KYW Newsradio 1060