Hoboken's tax jump: 47 percent

Hoboken's tax jump: 47 percent

October 22, 2008  Jersey Journal

Already hard hit by the tanking economy, there's no letup in sight for taxpayers in the Mile Square City.

To correct the problem of a budget that hasn't been fully funded, property owners can expect to be whacked with a 47 percent municipal tax hike - $646 more for a home assessed at $250,000 - for at least the next two quarters, officials say.

City officials said they expect to send out the next tax bill within a few weeks and taxes are due 25 days later.

The city is now under state supervision because it failed to pass this fiscal year's budget on time. And when the budget was finally passed in the summer it was already running a $10 million deficit.

And not paying tax bills in a timely fashion will only get taxpayers in a deeper hole.

State law mandates the city charge 8 percent interest on amounts owed up to $1,500 and 18 percent interest on amounts over $1,500. A resident owing exactly $1,500 would pay 22 cents a day.

Councilwoman Dawn Zimmer, who has brought up the idea of a payment plan for taxpayers at past council meetings, hasn't given up hope that some help can be found for taxpayers who are "sincerely burdened" by the hike.

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