Municipal Budget Means $40 Increase for Average Paramus Taxpayer

The average Paramus taxpayer can expect to see a slight increase on the municipal portion of their tax bill this year.

The proposed 2013 $57 million budget has zero increase in spending over last year.  The tax levy, in the amount of $41,019,000, has a minimal increase of just $13,000 over last year, explained Council President Joe Lagana who serves as the commissioner of finance. 

This means a $40 increase for the year for the average homeowners whose property is valued at about $500,000, he explained. 

The borough was hit with a $110 million loss in ratables due to an accumulation of  business tax appeals this year but despite that loss they managed to maintain a small increase in tax levy, said Lagana.

Lagana says the borough is going in the right direction citing good financial practices such as the "healthy surplus" of roughly $9 million which they have built up over the past few years. 

The borough was also recently recognized for its good financial practice as Moody’s Investors Services has upgraded the borough’s bond rating to Aa1 from Aa2 which allows the borough to refinance its bonds which is a benefit to the taxpayer.   

The proposed budget was introduced at the June 25 meeting and is expected to be adopted this month.