Carteret, NJ – The Borough of Carteret has seen one of the lowest increases in property taxes among Central New Jersey towns since 2000, according to a recent report released by the NJ Department of Community Affairs (DCA). While neighboring towns have seen property tax increases as high as 65%, Carteret has seen the lowest aggregate increase during the same 15 year period; an average of 1.2% a year. The Borough also realized a 4.25% decrease in property taxes in the last five years.
“Our aggressive efforts to attract new developments have been an important part in stabilizing the tax rate,” said Mayor Reiman. “We have also worked hard to streamline the Borough workforce and hold the line on municipal spending. Fifteen years ago our taxes ranked among the highest in Middlesex County; today, we are the third lowest in the county and one of the lowest in Central New Jersey.”
The average property tax bill in Middlesex County, in 2015, was $7,725 – a 2.4% rise from $7,541 the previous year; with an increase of about 40% since 2000. Meanwhile, the Borough of Carteret has had the lowest increases in property taxes the same period (2000-2015), according to the NJ DCA report and a recent article by NJ.com.
As Mayor Reiman noted, a 30% reduction in the municipal workforce has saved the Borough approximately $4 million annually. Decreases in bond debt and constraints on municipal spending have also been key factors in stabilizing property taxes. Reiman also noted that the Borough has incorporated public-private partnerships in order to streamline operations and costs.
The Borough of Carteret has seen a robust increase of commercial, industrial and residential growth over the past years resulting in nearly $1 billion in construction and ratable expansion. Officials expect that these trends will continue as there are currently eighteen redevelopment programs underway to help revitalize the Borough and stimulate the economy.
Despite the fact that Governor Chris Christie’s Administration has eliminated the Urban Enterprise Program, which cost Carteret tax payers over $1 million annually, and has ignored the School Funding Law by underfunding the Carteret Board of Education $16 million a year, the Borough has managed to do more with less.
“We have streamlined government and have significantly grown our commercial, industrial and residential tax base,” added Mayor Reiman. “We at Borough Hall will continue to hold the line on property tax increases and ask that the Board of Education do the same – hold the line and cut costs.”