In response to recent claims suggesting that Summit’s 2024 budget includes the most significant property tax increase in over a decade, Council members Bob Pawlowski, Delia Hamlet, Jamel Boyer, Mike McTernan, and Kevin Smallwood clarify that these assertions are inaccurate. According to their analysis, residential property tax increases in 2024 are, in fact, lower than in 2023 across all major metrics.
A comparison table provided in the blog post reveals the following differences:
Total Residential Property Tax (Municipal, School, Library, County): Increased by $224 or 1.2% in 2023, compared to a lower increase of $163 or 0.86% in 2024.
Non-County Property Tax (Municipal, School, Library): Increased by $215 or 1.6% in 2023, compared to $189 or 1.3% in 2024.
Municipal-Only Tax: Increased by $95 or 2.5% in 2023, with a lesser increase of $92 or 2.3% in 2024.
The authors of the post argue that the SMDC’s statements are misleading. While the municipal tax rate did rise by the same amount ($0.02 per $100 of assessed value) in both 2023 and 2024, the tax levy—the total amount to be raised via property taxes—did indeed see a higher increase in 2024. However, the blog clarifies that a more significant tax levy does not necessarily lead to a higher tax increase for residents, as this depends on the size of the “tax base” or “ratables.” For 2024, the tax base in Summit expanded significantly by $81.9 million, compared to a $34.7 million increase the previous year. This growth in ratables is described as a positive development, reflecting investment in local real estate, which helps fund city services and maintain Summit’s appeal as a desirable suburb.
In conclusion, the authors emphasize the importance of electing Council members who thoroughly understand the budget and prioritize accurate information, given the complexities of municipal finance. They underscore that their perspective represents their views and does not necessarily reflect the stance of the entire Common Council.
2024 Property Tax Increase in Summit: Lower than 2023 Across All Metrics
Original Blog URL: TAPinto Summit Post
In response to recent claims suggesting that Summit’s 2024 budget includes the most significant property tax increase in over a decade, Council members Bob Pawlowski, Delia Hamlet, Jamel Boyer, Mike McTernan, and Kevin Smallwood clarify that these assertions are inaccurate. According to their analysis, residential property tax increases in 2024 are, in fact, lower than in 2023 across all major metrics.
A comparison table provided in the blog post reveals the following differences:
The authors of the post argue that the SMDC’s statements are misleading. While the municipal tax rate did rise by the same amount ($0.02 per $100 of assessed value) in both 2023 and 2024, the tax levy—the total amount to be raised via property taxes—did indeed see a higher increase in 2024. However, the blog clarifies that a more significant tax levy does not necessarily lead to a higher tax increase for residents, as this depends on the size of the “tax base” or “ratables.” For 2024, the tax base in Summit expanded significantly by $81.9 million, compared to a $34.7 million increase the previous year. This growth in ratables is described as a positive development, reflecting investment in local real estate, which helps fund city services and maintain Summit’s appeal as a desirable suburb.
In conclusion, the authors emphasize the importance of electing Council members who thoroughly understand the budget and prioritize accurate information, given the complexities of municipal finance. They underscore that their perspective represents their views and does not necessarily reflect the stance of the entire Common Council.
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