PARSIPPANY — Parsippany-Troy Hills Council President Loretta Gragnani scheduled a Public Hearing for Tuesday, May 2, to discuss the 2023 Municipal Budget.
The hearing will start from 5:00 p.m. to 7:00 p.m. at Parsippany Municipal Building, 1001 Parsippany Boulevard.
The Parsippany-Troy Hills Council voted unanimously to introduce the 2023 Municipal Budget at Tuesday, April 18, council meeting.
The second reading and final adoption are set for Tuesday, May 16, at 7:00 p.m. or shortly after.
The proposed budget shows an increase in the property tax levy of 3.76% and an overall tax increase of 2.57%, or $99.23 more per year per homeowner, based on an average home valuation in Parsippany of $313,063.
Mayor James Barberio said, “We are putting forward a responsible, balanced budget that provides the services our community deserves. The overall increase in the tax rate is 2.57%, and the local tax rate is 3.76%. That’s a $99.23 annual impact on the average homeowner. That comes to $8.33 a month. Nobody likes the budget with a tax increase, but we have minimized the amount of the increase while dealing with significant nationwide economic impacts and external influences. The balanced budget overcomes significant fixed cost increases created by rising inflation and contractual increases and prepares the townships for the future through critical infrastructure improvements and public safety investments. On top of the ongoing inflationary and supply chain issues, we are dealing with increases in health benefits costs, pension costs, utility costs, liability insurance premiums, and debt interest pressure, among other items, through investments in our public safety.”
Click here to download a “User-Friendly Budget.”
