Mayor Ravinder S. Bhalla has introduced his proposal for a Hoboken budget with a zero percent increase in the municipal tax rate.
According to Bhalla’s plan, the City will invest $5 million in crucial water main improvements and $2.2 million in road resurfacing projects. Additionally, the city is planning to acquire the Union Dry Dock property, valued at $11.63 million, to advance the City’s plan of a contiguous waterfront.
“As your mayor, I’m committed to making fiscally sound decisions on behalf of our taxpayers,” said Mayor Bhalla. “This budget’s stable tax rate fulfills a promise I made to residents last year on the campaign trail, while allowing us to make new investments in quality of life projects, including infrastructure upgrades and additional open space.”
While the tax rate will stay stable, revenue to the City will purportedly increase by 3.8% via property tax ratables, while maintaining a “healthy budget surplus.”