Verona holds line on real estate tax

Verona property owners are catching a break in 2023 following a 2.1-mill real estate tax increase for the current year.

Borough council on Dec. 13 approved an ordinance that maintains the current rate of 9.7 mills, meaning that owners of property with an assessed value of $100,000 will pay $970.

Council also adopted the 2023 budget, which anticipates $1.75 million in operating expenditures and $1.66 million in revenues. The $88,362 gap will be closed by using money from the borough’s fund balance, leaving an estimated remaining surplus of $291,763.

Real estate taxes are projected to bring in $965,000, and other taxes such as earned income and real estate transfer, $335,000. The police department constitutes the largest commitment of general fund expenditures, at $636,666.

The borough has a separate sewer fund, with collected fees financing an estimated $976,526 for sewage treatment, sewer cleaning and associated employees’ costs, plus capital improvements to the system.

Council also voted to schedule its regular and workshop meetings for each month’s second and last Tuesdays, respectively.