Ramsey officials outline 2025 municipal budget priorities, revaluation effect and timeline

Borough Administrator Bruce Jose on Wednesday presented the borough’s proposed 2025 municipal budget, detailing a plan that increases debt paydown, holds appropriation growth to roughly 3.95% and accommodates a county-mandated property revaluation that will change assessed values across Ramsey.

Jose told the mayor and council that the administration plans to introduce the budget at the Feb. 26 meeting and hold the public hearing and adoption at the March 26 meeting, subject to the Bergen County Board of Taxation’s formal certification of the revaluation.

“The budget is focused on the delicate balance between minimizing the tax burden and also investing in the borough’s vital services and aging infrastructure,” Borough Administrator Bruce Jose said. He added that salary and operating lines increase about 2.4% from 2024 and account for roughly two-thirds of appropriations.

Why it matters: the county-ordered revaluation will raise Ramsey’s total assessed values substantially, changing how individual property owners experience taxes even though the borough’s overall tax levy will remain net-neutral. Jose said appraisal notices were mailed to property owners in early January and that the county certification is expected in the third quarter of 2025.

Key budget points

- Timeline: budget introduced Feb. 26; public hearing and adoption scheduled March 26 (dates subject to county review). - Appropriations: salary and operating costs up about 2.4% and make up roughly two-thirds of the budget. - Debt and capital: principal payments of about $2,220,000 are included for 2025—roughly $1 million more than 2024—and the borough plans a larger principal paydown this year while holding some capital in reserve. - Grants and surplus: Jose said about $5,425,000 in grant revenue will be used to mitigate taxpayer cost for capital and debt paydown; the borough ended 2024 with a surplus balance of a little more than $4.5 million, part of which is planned for 2025 budget use. - Revaluation effect: appraisal firm Appraisal Systems found boroughwide assessed values are about 42% higher than before the revaluation; Jose said that will reduce the borough tax rate proportionally (example given: last year’s combined rate of $2.822 per $100 of assessed value would convert to roughly $0.986 per $100 under the new valuations). - Revenue mix: roughly 74% of budget revenue comes from property taxes; state aid and local fees make up the remainder. Jose noted the administration did not assume the additional $150,000 in state aid that the state distributed statewide last year when preparing this budget.

Comparisons and fiscal position

Jose said Ramsey’s municipal portion of the tax rate ranks among the lowest in Bergen County—thirteenth lowest of 70 municipalities—and the borough remains well below the statutory debt limits. He said Ramsey’s net debt ratio is approximately 0.296% of equalized valuation, well under the state allowance.

What the presentation did not decide

Jose presented the plan and schedule; the council did not adopt the budget at the work session. The formal introduction on Feb. 26 and subsequent public hearing and adoption remain pending. The final certified revaluation figures from the Bergen County Board of Taxation could change specific timing or calibration of the municipal tax rate adjustment.

Ending

Jose concluded by saying the 2025 budget “continues to pay down municipal debt while addressing necessary capital infrastructure investments” and complies with New Jersey appropriation and tax levy caps. The council will consider the ordinance and formal budget readings at upcoming regular meetings.