With the ides of summer come updated city budgets and corresponding tax figures for residents. While perhaps less exciting than other topics we report on, we are committed to covering this because, well…, no one else is. So what’s the city budget look like for Bayonne this year? Let’s take a look.
The city has adopted a budget of $153.51 million for 2023 down from $164.26 million in 2022. The decrease is due to more than $15.90 million less in Public and Private Revenue and $5.15 million less in Other Special Items. The largest shortfall in these categories pertains to the absence of funds tied to Local Fiscal Recovery Funds (LCRF). This is a federal government program that helped offset lost revenue due to the coronavirus pandemic, with the budget excluding nearly $13 million less this year from it and related programs.
On the plus side, the city expects an increase of $2.55 million from Local Revenues, mostly which comprise local fees and Payment In Lieu of Property Taxes, or PILOT, for redevelopment of vacant or dilapidated lots.
The budget calls for nearly $10.75 million less on spending, with more than $12.12 million less from grant specified spending, including a portion tied to the LCRF program. The budget also anticipates tapping into $11 million in surplus funds to keep the tax burden from rising further. It is anticipated that the surplus available for future budget shortfalls will be $14.95 million.
In addition to the revenue it receives from grants, fees, and other sources, the city levies a tax on property owners to help meet the budget. In other words, this is the portion your property tax covers. For 2023, this equates to a tax levy of $86.12 million budget for 2023. This is up from the $83.84 million raised for 2022, an increase of 2.72%. However, for the average taxpayer this translates to just a 1.80%. This translates to an $80.12 increase for the average property owner, bringing the municipal portion of their taxes to $4,535. The average home is assessed at $400,618.
For the Bayonne Board of Education, residents will be asked to fund $81.63 million, up from $79.84 million last year, for general budget and debt repayment. This translates to an increase of 2.24%. Bayonne Buzz estimates that the impact on the average homeowner will be $57.
For the county portion, Bayonne Buzz estimates residents can expect to see an increase of $65 for the average homeowner, an increase of 3.8% for this portion.
Property tax also covers the cost of operating the library. Bayonne Buzz estimates this is increasing $13 to $161 for the average assessed home.
All in, the average homeowner can expect an increase of $215 for 2023 with the average bill reaching $10,763 – an increase of 2.04%.