Lakewood residents and tax payers were hit with a double whammy tax increase last week. The Board of Ed and the township committee passed separate budgets that include tax increases. Despite all the new construction and state aid there was still a need to raise taxes. The school district in Lakewood is unique since the state does not calculate the private school students who are mandated for sate services. A home valued at 500,000 will see an increase from both budgets of $400 annually.
LNN reports This Tuesday night, Lakewood's Board of Education adopted a final annual budget totaling approximately $183 million that would raise $102.84 million from Lakewood's tax payers (with the remainder coming from state aid).
The tax rate for 2019 will be 1.041¢ per $100 of the property's assessed value. In 2018, the tax rate was 1.012¢. This represents a 2.9% increase to the tax rate.
According to this tax rate figure, an average townhouse which is assessed at $417,900 will be assessed a tax of $4350.33, up from $4229.14 that was assessed at the 2018 rate (a $121.18 annual increase). A single family house which is assessed at $557,100 will be assessed a tax of $5,799.41, up from $5637.85 (a $167.55 annual increase)
LNN reports This Tuesday night, Lakewood's Board of Education adopted a final annual budget totaling approximately $183 million that would raise $102.84 million from Lakewood's tax payers (with the remainder coming from state aid).
The tax rate for 2019 will be 1.041¢ per $100 of the property's assessed value. In 2018, the tax rate was 1.012¢. This represents a 2.9% increase to the tax rate.
According to this tax rate figure, an average townhouse which is assessed at $417,900 will be assessed a tax of $4350.33, up from $4229.14 that was assessed at the 2018 rate (a $121.18 annual increase). A single family house which is assessed at $557,100 will be assessed a tax of $5,799.41, up from $5637.85 (a $167.55 annual increase)