State Aid to Town Remains Flat
Town will receive $4.3 million for the 2014 fiscal year. Aid remains flat for all 16 Passaic County municipalities year over year.
The township will receive more than $4.3 million in state aid for fiscal year 2014, the state Department of Community Affairs announced Monday.
The amount is the same the town received for Fiscal Year 2013. Aid for all 16 Passaic County municipalities remains flat year over year.
Three Passaic County towns received more aid than Wayne: Clifton received $10 million, Passaic about $12.5 million, and Paterson received $32 million.
Property taxes may only increase 2 percent year over year due to legislation Governor Christie approved the legislation in 2010.
The average homeowner’s municipal tax bill increased $99 in 2012, a 2 percent jump, and $89 in 2011. The average home is assessed at $229,000.
It is unknown what effect, if any, aid will have on this year's municipal taxes.
New Jersey homeowners’ taxes increased an average of 2.4 percent in 2011 and 1.4 percent in 2010.
Governor Christie touted the positive effect the aid would have on taxpayers.
“Together with bipartisan reforms such as the 2 percent property tax cap, pension and health benefits changes, and a 2 percent cap on interest arbitration awards, we are delivering real relief to property taxpayers in New Jersey as evidenced by two consecutive years of the smallest property tax increases in two decades,” Christie said in a statement.
The school district will also receive the same amount of state aid, $3.8 million, this year as it did last year.