OCEANPORT: Borough residents will be seeing a small tax increase this year under the municipal budget introduced by the borough council on April 6.
Borough Administrator Ray Poerio said the budget totals $8.7 million and the amount to be raised by taxation is approximately a $240,000 increase over last year. The local tax rate for 2017 is 55.9 cents per $100 of assessed value; an increase of 2 cents over the 2016 rate. That means the owner of the average borough home assessed at $448,000 would see a municipal tax increase of $93.67.
"Last year, your taxes when up $91.84, so the difference between the tax increase you got last year to the tax increase you got this equates to a $1.83," Poerio said.
The capital budget includes $1.6 million and includes road projects, check valves for outflow pipes to reduce flooding, replacing department of public works equipment, repairs done to the Port Au Peck Firehouse and video surveillance for the borough's police vehicles.