The Hoboken Board of Education unanimously approved (9-0) an amended preliminary $83,269,737 budget with a 14.99 percent tax increase, down from the 24.35 percent hike introduced in March, at last night’s meeting.
By John Heinis/Hudson County View
“I know the number one question that everyone has is around that [tax] increase and I’m really pleased to report that the overall amount of the increase has come down,” began Hoboken BOE President Ailene McGuirk.
“So when we look at what the impact will be, the average assessed valuation here in Hoboken for a property is $526,000, so the increase for a property at that value will be approximately $385 dollars for the year or $32 a month.”
She continued that homes with that tax valuation are selling at about $820,000, while a home valued at $1 million would see an annual increase of $731 a year, or about $61 per month, with homes at that valuation selling for over $1.5 million.
McGuirk further stated that even if the board were to approve a final budget with a 14.99 percent tax increase, the Hoboken Public Schools would still be in one of the lowest tax rate tiers for both the county and the state.
“With our enrollment growing annually, these responsible investments will enable us to serve our student body and keep achievement growing.”
Last month, when the initial tax hike was an additional $632 annual for owners of a $526,000 home, officials cited new hires, rising compensation costs, and rising facility maintenance costs as reasons why.
McGuirk also said at Tuesday’s meeting that the preliminary budget approved on March 19th reflected all department requests in the district being honored, with cuts and reductions reviewed and updated for this spending plan.
She did not go into specifics on where the cuts and reduction were implemented.
The budget hearing for the Hoboken Public Schools will be on Tuesday, April 30th at the Demarest School Auditorium, located at 158 Fourth St., at 7 p.m., with the final budget scheduled to be adopted on Tuesday, May 14th.
The volunteer school board’s vote came about 24 hours after the city council approved a $144,253,164.85 budget with a 5.9 percent tax increase on a second try since the governing body voted down the same proposal earlier this month.
The Hudson County Board of Commissioners, who approve the third component of the budget for most municipalities including the Mile Square City, have not introduced a budget yet.
The full Hoboken BOE meeting from last night can be viewed below:
