the staff of the Ridgewood blog
Ridgewood NJ, the village council voted on Wednesday to approve a $51 million budget for the 2020 fiscal year which increases property taxes 2.2%.Village home owners will see an $85 tax increase for the average home assessed at $701,997, said Chief Financial Officer Bob Rooney.The budget vote was 4-1 with Councilman Jeffrey Voigt the sole vote against the budget.
The 2020 budget is a marginal increase from last year’s appropriations, which totaled $50.8 million and increased taxes $48 for the average 2019 home assessed at $702,225.The village will fund $36 million of its budget through property taxes, which are among the highest in the state. The average Ridgewood homeowner paid a whopping $18,234 in property taxes last year. Municipal budgets, however, account for only a portion of property taxes, the enormous school budget of $115 million creates a far greater share of taxpayer burden.
Roughly 66% of the budget, nearly $34 million, will fund salaries, pensions, health care and leave for village employees, including first responders.
Ridgewood currently has $7.2 million in unfunded liabilities. Another 33% of the budget, or more than $17 million, will fund operations for the village’s water utility.