Rutherford projects 3 percent property tax increase for 2025 budget

During the recent Rutherford Mayor and Council meeting on April 28, 2025, officials discussed the municipal tax structure and the implications for residents as they prepare for the upcoming fiscal year. The meeting highlighted a projected increase in property taxes, which is expected to affect homeowners in the community.

The municipal portion of the tax bill, which accounts for approximately 31% of the total tax burden, is set to rise slightly. For 2024, the total property taxes collected were about $85.6 million, while the estimate for 2025 is approximately $88 million. This increase reflects a projected rise in the tax rate from 3.12 to 3.2 per $100 of assessed value. For example, a home assessed at $439,500 would see an increase in annual taxes from $13,700 to around $14,064, resulting in an additional cost of about $350 for homeowners.

The budget for the upcoming year is set at $40,759,410, with $27,143,658 expected to be raised through property tax revenue. The breakdown of tax allocations shows that the largest portion, approximately 59%, goes to schools, while the municipal portion accounts for about 29%. The remaining funds are distributed among county services, open space initiatives, and library funding.

This discussion is crucial for residents as it outlines the financial landscape for the coming year and emphasizes the importance of understanding where their tax dollars are allocated. As the council moves forward, community members will be keenly watching how these budgetary decisions impact local services and overall quality of life in Rutherford.