Tax increases Built into the Edison 2024 Introduced Municipal Budget - Muni tax up 2.52% and Library up 4.34%

 Well, just saw the Introduced 2024 Muni-budget. Looks like this budget comes with a Muni-tax rate of 1.477, which is up 3.6-cents or 2.52% over Last year's 1.441. The Library rate is .091, which is up 4/10's of a cent or 4.34% over Last year's .087.

The combined Muni & Library tax rate is 1.568, which is up 4-cents or 2.62% over Last year's 1.528.

What this means - if you live in that imaginary home assessed at $183,400, then your Muni & Library tax will be $2,875 and your tax increase will be $73, which represents $90 due to increase spending offset by $16 due to the increase in the Rateables.

If you don't live in that imaginary home, then just take you home's assessed value divided by 100 and multiply that number by 1.568 to get you total Muni & Library tax and to get your tax increase take your home's assessed value divided by 100 and multiply that number by .04.

This budget comes with an increase in the Muni tax levy of $116,388,429, which is up $3,636,456 or 3.23% over last year. The Local tax levy is $109,648,165, which is up $3,318,485 or 3.12% and the Library is $6,740, 264, which is up $317,971 or 4.95%.

Noticed that they increased the Rateables number from the one previously issued and used by the Boe in their 2024-25 School Budget, so the Boe might want to check the change from 7,418,374,600 to $7,423,717,100 as well as the School tax levy and school tax rate used in this Muni budget, which are different. Further, most of the 'Actual 2023' tax rates used in this budget for all taxing entities don't agree to what was on the tax bills for 2023.

Here's where you can see the numbers - compared against Last year's Adopted budget - after the Adopted budget, Appropriations and Revenues were increased by the same amount of $2,809,345 but the Muni-tax levy remained the same.

And here's where you can see the Breakdown of the changes in Spending and Rateables:

Anyhoo, there's a lot to go through with these appropriations, revenues and capital items in this 2024 budget and the changes from Last year - as soon as I can go through it, I'll share it.