(Cherry Hill, N.J.) — After five years with no municipal tax increase, Cherry Hill residents will see their taxes go down in Fiscal Year 2018, Cherry Hill Mayor Chuck Cahn announced today.
Under preliminary projections, the average homeowner can expect to see the municipal portion of their tax bill drop by approximately $22 for the coming fiscal year, which begins July 1. The full budget will be introduced in August, with a public hearing and adoption in September.
“I’m thrilled to be able to share this news, and to see years of fiscal responsibility and smart planning paying dividends for our residents,” Mayor Chuck Cahn said. “From day one, Council and I have worked together to run the Township efficiently, to invest in our neighborhoods and open spaces, and to promote the kind of economic growth that allows us to cut taxes, while investing more in our roads, parks, playgrounds, and trash and recycling."
Since 2012, Township ratables have grown to more than $7.4 billion, due in part to the continued success of existing commercial entities, as well as the revitalization of abandoned and underutilized properties across town. That growth has directly enabled the anticipated tax cut.
As the first step in this year’s budget process, Council will vote Monday night on the Township’s preliminary tax levy for FY18.
State law requires towns on a fiscal-year budget cycle to certify a preliminary tax levy to calculate the Municipal portion of the third and fourth installments of property taxes, and to fund municipal services for the first six months of the new fiscal year.