Update: Nikole from the team at West Caldell figured out the taxes for homeowners, using the Municipal tax levy increase of zero (great job West Caldwell) and then formulating the final tax hike which includes the BOE 3.75 percent and Essex County 1.5 percent.
Tax Levy: the estimated municipal rate is .557, which results in a small reduction of approximately $3.07 on the home averaged at $433,700 in West Caldwell.
Caldwell numbers were not finished as of press time.
Previous article:
The Caldwell-West Caldwell board of education hosted their public meeting for the school budget, offering a 3.75 percent tax hike for the new 2014-2015 school year.
The actual budget has not yet been reviewed by this reporter, and will be once it is available.
This new tax hike is due to numerous factors but a majority of it is because of contractual obligations, including salaries, pensions and health benefits.
Superintendent of Caldwell-West Caldwell schools Dr. James Heinegg explained.
"The state allows for "banked" cap, which means, essentially, that you can go above occasionally if your average remains below 2 percent," noted Heinegg. "Over the past 5 years, the district is averaging an annual increase of about 1.05%."
Your final tax bill includes the school (BOE) portion, the municipal portion, depending upon whether you live in Caldwell or West Caldwell, since this this a shared town school district, and the Essex County tax levy.
Currently, Essex County has a 1.5 percent tax hike in their 2014 budget.
The municipality of Caldwell has a .09 percent tax hike in their 2014 budget.
West Caldwell has a zero percent tax hike in their 2014 budget.
Your final tax hike will be published here today, for Caldwell and also West Caldwell.
Updates to follow today.
