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Community Corner

Funky tax math? Impact of 4% education budget increase is more than double what's been stated, unless I'm missing something

Has anyone seen numbers being thrown around about the tax hike impact of a 4% increase to the school budget? I've read articles twice now in the Montclair times and seen a calculation that a 4% school budget increase would result in a $171 tax increase to a homeowner whose house is assessed at $505,000. I believe that calculation is low unless I am misunderstanding something. Doesn't the education budget represent ~54% of a resident's overall tax bill? If so I calculate that a 4% increase should be more in the ~$350 range (assuming a ratable percentage of roughly 3.2%). Below is my math? Maybe I'm missing something

tax impact =($505,000 assessed value) X (3.2% tax rate) X (54% percent of budget) X (4% increase)= $349
In any event we know the earth is still spinning on its axis as another year comes and we get another nice fat tax increase in Montclair. Someone please tell me I'm wrong, I hope I am!

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