Cranbury property owners won’t be facing an increase in municipal taxes with the Township Committee’s approval of the 2025 municipal budget.
Township Committee members unanimously voted to adopt the $14.1 million municipal budget that keeps the tax rate flat and funds municipal operations in 2025 on March 10. The budget was first introduced on Feb. 10.
“I am pleased to tell everyone there will not be a tax increase again this year,” Township Administrator Denise Marabello said. “We have been able to keep our budget pretty stable. There were some increases this year due to some contractual things.”
The municipal tax rate will remain flat at 33.9 cents per $100 of assessed valuation. The owner of an average assessed home at $614,443 would pay $2,082 in municipal taxes.
Municipal taxes are one item on a property owner’s total tax bill, which also includes the Cranbury School District taxes and Middlesex County taxes.
The amount an individual pays in taxes is determined by the assessed value of an individual’s home and/or property, and the tax rate that is set by each taxing entity.
Marabello added there will be “no” reduction in services with this year’s budget.
“I think we are really proud that it is almost a 10-year history with the lack of increases in municipal [taxes],” Mayor Lisa Knierim said. “In fact, one year we went down. So, I think it is absolutely commendable and another reason that makes this town terrific to live in and be a resident in.”
To support the budget, property taxes are the main source of revenue for the township. The amount expected to be raised by property taxes for 2025 is $7.66 million.
On the revenue side, the budget revenues include $2.2 million in the use of surplus; $1.8 million in sewer service fees; $526,694 from the reserve for development fee; $472,588 in state aid; $354,750 from the hotel tax; and $183,240 from the municipal court.
“Our revenues have gone up slightly,” Marabello said. “Our assessed value has gone up slightly.
“With that being said we will be using $2.2 million worth of surplus. We continue to be able to replenish the surplus that we are using, and we are watching that closely to make sure we do not have to increase taxes in the near future.”
On the appropriations side of the budget, the budget will fund appropriations that include $1.75 million on municipal debt service.
Additional appropriations include $2.5 million on police salary and wages; $1.28 million on medical insurance, $484,000 on sewer (includes salary and wages), $333,614 on roads (includes salary and wages), $150,500 on legal services, $85,850 on engineering, and $28,315 for the senior center.
