The Hoboken City Council has unanimously adopted a $125 million municipal budget for 2021 that includes a 2.8 percent reduction in taxes, even though the overall budget is up by 6.8 percent over last year’s.
“I am very proud that we have once again been able to deliver a balanced budget and provide much needed financial relief to residents, despite the extraordinary circumstances presented by the pandemic,” said Mayor Ravi Bhalla in a statement.
The reduction will reduce the municipal tax bill for property owners an average of $74, according to the city. The tax levy on property owners for this year is about $59 million, down about $1.7 million from last year’s tax levy.
The 2021 budget is a 6.03 percent increase over last year’s budget of $118 million. But the higher expenditures in the budget have been funded by an additional $6.4 million from the Hoboken Rescue Plan, which was from the American Rescue Plan, federal spending intended to make up for revenue lost to towns due to the pandemic.
The budget also provides for “park improvements, flood infrastructure upgrades, continued watermain replacement, road repaving, municipal garage updates, Vision Zero safety improvements, the ongoing construction of the city’s largest resiliency park in Northwest Hoboken, and more,” according to the city.