Well, guess what came in the mail today - your friend and mine, the local property tax bill for Downtown Edison for Calendar Year 2012 and Preliminary 2013. You remember this bill which includes the Municipal, County & School taxes.
So, let's see what going on in this year's bill. The total property taxes are $4.729 (per '00 of assessed value), which is up 4.9 cents or approximately 1.1% over last year's $4.680.
The Municipal tax rate (including the Library) is down approximately one-half cent. If you're in the District 1 Garbage District, you get a slight decrease too. The total Municipal taxes are $1.328, which is slightly down from last year's $1.333.
Kudos to the Municipal side of town for keeping the tax rate flat in these difficult times.
On the County side, the County tax is $0.671, which is up 1.4 Cents or 2.1% over last year's $0.657. The County Open Space tax is $.062, which is down from last year's $.065. So, in total the County tax this year is $0.733, which is up 1.1 Cent or 1.5% over last year's $0.722. But hey, at least it wasn't like last year's increase of 7.5 Cents or 11.6%!
Finally, we have the School tax of $2.668, which is up 4.3 Cents or 1.6% over last year's $2.625. Hmm.. just think what would of happened here if my friends over there on Mythomania Lane didn't increase Spending by $7.5 million and use our taxpayer relief money to cover it - and, adding insult to injury, leaving us with a tax hike to cover the shortfall in the ratables and to pay for the second half of Fiscal Year 2011-12! Wasn't that nice of them?
Anyhoo, if you want to know what your new tax increase is - just take your home's assessed value and divide it by 100 - then, multiply that number by tax increase of 4.9 Cents (.049). Recognize that 88% of your tax increase comes from the School Tax, 22% from the County Tax and -10% from the Municipal Tax.
Here's some schedules which shows you all this info:
As always, anyone who wants these files, just drop me a note.