Gloucester residents will be looking at four-cent increase per $100 of assessed value on their real estate tax rate and boat owners can expect a $1.95 increase per $100 value on that tax rate if the Gloucester County Board of Supervisors approves county administrator Brenda Garton’s proposed fiscal year 2014 operating budget.
Garton presented her $138 million proposed budget to members of the public and the board of supervisors during its meeting Tuesday night in the colonial courthouse. The proposed budget is an increase of $29 million over the current county budget.
Her budget is balanced on an increase in the real estate levy from 65¢ to 69¢ per $100 of assessed value and $2.95 per $100 in the boat tax (up from $1). The personal property tax would remain unchanged, at $2.95 per $100.
Gloucester’s director of financial services Nickie Champion said the remainder of the budget will come from using the fund balance for one-time capital projects, and from odds and ends that add up to the big picture, such as natural growth of revenue.
Garton said each penny on the real estate tax generates $400,000 in additional revenue, while the increase in the boat tax would generate approximately $600,000. The four-cent increase on the real estate tax rate, Garton said, would generate $1.6 million additionally.