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How will the referendum impact my taxes?
How will the referendum impact my taxes?
YOUR TAXES WILL NOT BE IMPACTED IF THE REFERENDUM PASSES! On June 24, 2024, the Board of Education already voted to increase taxes during a one-time opportunity to recover up to 9.9% of lost state aid by increasing the 2024-2025 budget.
If the referendum passes, no additional tax increase will occur. The money already allocated through the 9.9% budget increase for capital improvements will be used to pay down the 5-year referendum bond.
You can use the chart below to determine how the 9.9% tax increase will impact your household based on the new assessment that took place earlier this year. The average home in Hopatcong is now valued at $345,000 in town, yielding a $27.52 monthly increase.
The chart below contains data that illustrates the makeup of the home assessments around town. 82.275% of properties are assessed at $450,000 or less with a total potential tax increase not to exceed $35.89 a month for the capital projects.
VOTING YES!
VOTING YES!
By voting YES the taxpayers are saying, we want the state to contribute towards the cost of the projects and start the capital improvements right away.
VOTING NO.
VOTING NO.
By saying NO, the taxpayers are saying, we want to pay for 100% of the projects and will have to save up enough money in capital reserve for each project before it can start. Saving for the HS roof alone would take 5 years and by the time the project would be ready to bid out costs are expected to have risen by an additional $900,000.
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