Teaneck Council Introduces 8th Historic Budget with a Zero Percent Increase to the Tax Rate
Teaneck, NJ – The Teaneck Council is scheduled to adopt its eighth historic budget with a zero percent increase to the tax rate at its upcoming May 17th meeting.
While neighboring municipalities and the local Board of Education continue to raise taxes by millions of dollars every year (despite declining enrollment), the Council’s commitment to fiscal responsibility while enhancing government services continues to impress national credit agencies which continue to give the township high scores for its fiscal stewardship.
“The Teaneck Council is dedicated to holding the line on taxes at zero,” said Deputy Mayor Elie Y. Katz. “These are still tough economic times and the last thing residents need or want is a tax increase which is why we are proud that there has not been an increase to the tax rate for eight years in a row in Teaneck.”
57 cents of every tax dollar goes to the local Board of Education. 32 cents of each tax dollar goes to the administration of municipal services and that is the tax rate that has been kept at zero for the past eight years by the Teaneck Council.
“Teaneck is run diligently and efficiently across the board which is why when it comes to municipal finances, there is no other town in the region that can come close to accomplishing eight straight zero budgets the way we have for our taxpayers,” said Councilman Keith Kaplan. “And we have accomplished this while reducing our debt on an equalized value basis compared to neighboring towns. Food prices are rising. Gas prices are rising. Rent prices are rising. We owe it to our residents to keep the tax rate at zero so they can continue to put food on the table, pay their bills and take care of their families.”
While authoring eight zero increase budgets in a row, the Teaneck Council has also created millions of dollars in new ratables; paved a record number of roads; improved infrastructure through rehabbing the municipal complex and building required venues such as the sportsplex; saved hundreds of thousands of dollars by joining the Joint Insurance Fund; upgraded municipal parks for children and their families; administered more than 170,000 COVID-19 vaccines at the Rodda Center; made Teaneck a Veterans Friendly Community; hired its first Korean-American library director; and painted a Si Se Puede mural to honor Hispanic Heritage Month.
“Teaneck families are living on a tight budget and so must the Teaneck Council,” said Deputy Mayor Mark Schwartz who also serves on the Council Budget Subcommittee. “Through responsible and frugal financing and accounting, anything is possible: even eight straight zero budgets.”
“We continue to move Teaneck forward while passing eight straight zero percent budgets in a row,” said Councilman Michael Santiago Pagan who also serves on the Council Budget Subcommittee. “And we are going to continue to fight for our residents so they do not see any unnecessary tax increases in the future either.”