the staff of the Ridgewood blog
Franklin Lakes NJ, the Borough of Franklin Lakes has introduced its 2025 municipal budget, totaling $23.38 million, with a 4.9% increase in the tax levy.
The amount to be raised through property taxes will total $15.25 million, with the municipal tax rate rising from $0.32 to $0.333 per $100 of assessed value. For the average Franklin Lakes home, assessed at $1,063,000, that’s a $139 increase — going from $3,398 to $3,537 in municipal taxes.
📊 Key Budget Highlights for 2025:
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Salaries & Wages: $7.5 million
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Health Care Costs: $2.22 million
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Municipal Library: $2.06 million
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Garbage & Recycling: $1.71 million
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Pension Contributions: $1.57 million
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Debt Service: $910,000
The municipal portion of the property tax bill will account for 15.55%, with an additional 2.25% allocated for state-mandated library funding — totaling 17.8% of the average property tax dollar.
🏫 It’s important to note that school taxes remain outside municipal control:
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Local elementary schools: 39.09%
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Ramapo Indian Hills High School District: 27.27%
🎯 Budget Goals for 2025 include:
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Stabilizing the use of budget surplus
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Minimizing tax increases
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Reducing long-term debt
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Maintaining or enhancing municipal services
📅 A public hearing and final vote on the budget is scheduled for May 6. For a detailed breakdown, visit the borough’s website: franklinlakes.org
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https://www.facebook.com/groups/1931704860512551/
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