Some $19.5 million of the city’s revenue, or 12.5%, is derived from tax abatements, or payment-in-lieu-of-taxes, payments.
Bayonne property owners will have to dig deeper into their wallets under the proposed city municipal budget, but only a little, officials say.
There will be a hearing on the budget, which constitutes one-third of the property tax, at the Bayonne City Council meeting Wednesday night. Budget amendments are expected to be introduced. County and school taxes make up the other two-third of property tax. “The increase in the budget comes mainly from general liability and workers compensation insurance, group health insurance and pension,” Mauer said of the whopping 42% increase in those costs, from $18 million to $25.5 million.
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