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Newark Council Adopts Budget

Council members in New Jersey’s largest city have adopted a budget that lowers property taxes.

Money
Flickr User Keith Ramsey

The property tax decrease is the first in Newark Mayor Cory Booker’s seven years in office. Booker is running for U.S. Senate.

The Star-Ledger of Newark (http://bit.ly/1aBSbIM ) reports Booker issued a statement saying the $639.5 million spending plan allows the city to hire 50 new uniformed police officers.

Newark received $15 million less in state aid than it had anticipated. However, payroll tax collections were better than projected. The city also benefited from $3 million in a new car rental tax and proceeds from the sale of city properties.

Property taxes will decrease by nearly 14 percent from last year. The average homeowner will pay $5,215, down from $6,037.

 

(Copyright 2013 by The Associated Press.  All Rights Reserved.)

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