A Cherry Hill resident with the average assessed home of $223,500 will see a decrease of approximately $22 in their municipal tax bill for Fiscal Year 2018.
A proposed municipal tax cut is now official for Cherry Hill residents after township council unanimously adopted the Fiscal Year 2018 municipal budget during its meeting last Monday.
The adopted budget includes a decrease of about $22 in municipal taxes for the average assessed home of $223,500. The municipal tax rate is being reduced .01 cents per $100 of assessed value compared to last year. The average assessed home of $223,500 will pay $1,200.20 in municipal purpose taxes for Fiscal Year 2018.
The total municipal tax levy is $44,232,968.94.
This year’s total budget is $69,108,027, down 0.3 percent from last year’s budget of $69,340,980. Mayor Chuck Cahn said the township was able to slightly reduce the total budget without cutting municipal services.
Another increase in ratables also helped the township lower municipal taxes. In the past year, the township’s ratables have increased approximately $104.6 million.
Cahn also said grants are essential to helping fund numerous improvements across the township.
“We are utilizing grant dollars at every opportunity to repave roads, promote police outreach, improve parks and upgrade our facilities,” Cahn said.
Members of township council spoke highly of the township’s ability to cut taxes while maintaining its current level of services. Councilwoman Carole Roskoph talked of how the municipal tax cut was a result of the hard work of the township’s financial staff and their dedication toward fiscal responsibility.
Council vice president Sara Lipsett noted the township had earmarked about $500,000 for upgrades to various recreational facilities across the township.
“I’m proud to support any efforts to improve those facilities and proud to see tax dollars invested back into these important areas while cutting taxes at the same time,” Lipsett said.
No residents commented during the public hearing on the budget.
