As officials wait for commercial areas of the township to be developed there is one new residential area that has increased the town’s ratable base.
The township collected nearly $112,000 in taxes from homeowners in the development on Farm View Court in 2012. The homes are new, with some being sold earlier this year.
Increasing the number of ratables in town is a priority for officials, now more than ever. In the last five years, the Planning Board has created only six new residential lots. Some officials have said the township is approximately 95 percent developed, leaving little room for new residential or commercial construction projects.
The increasing number of tax appeals have only exuberated the problem. The township lost about $21 million off of its $5 billion ratable base since last year.
“Something has to be done,” said Gloria Smith. “This is a great town but something has to change or else the people living here are not going to be able to afford to live here anymore.”
The average homeowner’s municipal taxes increased only $59 this year, the lowest in a decade. School taxes increased an average of $164. The average home is valued at $229,000.
The Farms View homes are valued between $307,000 and $344,000.