Edison residents are facing a tax increase and a significant reduction in state aid in the township’s proposed $175.9 million budget for 2024. The municipal tax rate is set to rise by 2.52%, resulting in an estimated $83.72 increase in property taxes for a home assessed at $225,000.
The Township Council unanimously introduced the budget on May 8th, with Councilman Richard Brescher expressing plans to meet with the township business administrator to discuss concerns. The increase in the local purpose tax levy, up $3,318,485.57 or 3.12% from 2023, is a key factor contributing to the tax hike.
Adding to the financial challenges, Edison is set to lose over 13% in state aid, totaling almost $2.5 million. This significant reduction in funding could put additional pressure on the township’s finances and potentially affect services.
The budget also reveals an increase in salaries and wages, totaling $77,306,074.27, which is a 5.78% increase from the previous year. This rise is attributed to the township’s 633 municipal employees, as per budget documents.
Despite the financial hurdles, the budget does include a surplus of $12.75 million, a substantial increase of $5,292,236.76 or 70.96% from the 2023 budget. However, this surplus will be partially utilized, leaving a remaining balance of $4,636,019.44.
As the budget moves forward, residents and council members alike will be closely examining the implications of the tax increase and state aid reduction, as well as potential impacts on township services and future financial planning.
