How much would taxes go up if the bond referendum passes?
First, it is important to remember that the following numbers relate to assessed value, not market value. While actual costs cant be finalized until bonds are sold and the actual costs of borrowing the money are set, based on a current bond interest rate of 4.75%, the following can be projected. The bond referendum will ask for approximately $9.95 million to fund a new middle school and upgrades to the existing schools. To calculate the tax cost of this amount to each Cedar Grove taxpayer, the following formula can be used: $2.57 per $1000 of a homes assessed (NOT MARKET) value The following chart illustrates the approximate tax increases that would result if the bond referendum is approved, using the current average 4.75% bond interest rate. Note that 86% of Cedar Groves homes are assessed at less than $80,000. [Source: nj.taxrecords.
