New Milford auditor outlines tighter 2025 budget; average homeowner to pay $199 more

Auditor Steven Wilcox told the Mayor and Council of the Borough of New Milford on March 10 that the borough’s 2025 municipal budget was shaped by rising costs, higher interest rates and a reassessment that raised average residential values.

Wilcox said the average residential assessment rose from about $330,000 to $643,000 after the latest reassessment, and that the borough’s local tax rate will fall from $1.023 to 0.658. Because assessments rose, the average homeowner will see a municipal tax increase of $199, Wilcox said.

The auditor described cost pressures in the budget year: roughly $200,000 in pension increases, $171,000 in health insurance, $133,000 in liability and workers’ compensation, $81,500 for garbage, and nearly $100,000 more to the library tied to statutory formula changes. Debt service rose about $224,000, Wilcox told the council, and he said much of that reflects higher short‑term interest rates.

Wilcox and council members said they had made repeated cuts to discretionary spending and that remaining increases largely reflect items outside borough control. Council members thanked the budget committee and borough staff for work on the plan.

Council members moved to introduce the 2025 municipal budget on first reading; the council approved the introduction by roll call and scheduled the public hearing for April 28.

The council also introduced an ordinance to permit the borough to exceed appropriation limits and create a cap bank under NJSA 40A:4‑45.14; a public hearing for that ordinance was set for the April 28 meeting.

The mayor and council will hold a public hearing and final vote at the April 28 meeting on the municipal budget and related cap‑bank ordinance.