Hoboken runs on a fiscal year, so the new year just started on July 1 and runs until next June 30, 2010. Until the city passes this next budget — which usually takes a while — it will have to rely on an estimated budget to send out first and second quarter FY tax bills.
According to the city, the next set of tax bills will actually include a 5 percent property tax decrease from the last two quarters. Since the state gave the citizens a massive tax hike last year to make up for years of budget deficits, some of the recurring costs are being paid off and taxes can start to come down, but not until the budget is struck.
Fiscal monitor Judy Tripodi said the 5 percent decrease is the maximum allowed by the state used when the municipality is expecting a decrease in the budget.
Municipalities can also use a 5 percent increase if needed, she said.
Tripodi also said that she could have asked special dispensation from the state to have the estimated bills lowered more than 5 percent, but that she didn’t feel comfortable doing that without finished budget numbers.
The city expects the budget to drop from $124 million to $90 million this year.
School taxes are also down slightly, although county taxes will rise. The school budget is passed in April and the county budget is usually passed in June.
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