Hopewell Township property owners can expect their municipal taxes to remain stable.
The Township Committee introduced the $30.3 million budget at the governing body’s meeting on April 14.
“We will have a public hearing that shall be conducted no less than 28 days after introduction and approval,” Committeeman Kevin Kuchinski said at the meeting, noting the budget is under state review.
“So, once we are through the review we will schedule and notice (the public hearing). I will share the headline that the municipal tax rate will decline in 2025 thanks to the hard work of our professionals and team.”
The proposed municipal tax rate for the budget is 44 cents per $100 of assessed valuation. The owner of an average assessed home at $497,275 would pay $2,188 in municipal taxes.
In 2024, the township’s municipal tax rate was 44.3 cents per $100 of assessed valuation.
Municipal taxes are one item on a property owner’s total tax bill, which also includes Hopewell Valley Regional School District (HVRSD) taxes and Mercer County taxes.
The amount an individual pays in taxes is determined by the assessed value of his or her home and/or property, and the tax rate that is set by each taxing entity.
To support the budget, property taxes are a main source of revenue for the township. The amount expected to be raised by property taxes for 2025 is $17.5 million.
The township would use $3.35 million from the surplus as revenue in the budget, which is a $2.55 million increase from 2024.
Other projected revenues in the budget include: $3.5 from PILOTs (payment in lieu of taxes), $1.67 million in state aid, $1.6 million from energy receipts tax, $900,000 from interest on investments and deposits, $758,494 from shared service agreements, $390,000 from fees and permits, and $40,000 from local cannabis tax revenue.
For appropriations, the budget would fund $6.7 million on municipal debt service.
Additional appropriations include: $4.4 million to public safety (includes police department), $3.8 million on insurance, $2.28 million for public works; $1.8 million towards capital improvements, $1.3 million on shared service agreements, $662,000 toward utilities and bulk purchases, and $482,000 to Health and Human Services, according to the budget documents.
