u/lucidpivot

As expected, the city council has approved a budget containing an 11.5% tax increase. This still leaves Hoboken at one of the lowest tax rates in the state.

The deal was made possible with minor spending reductions, along with extremely optimistic assumptions about revenues, which are being used to offset the tax burden.

Due to the high assumptions of significantly increased revenue around parking and fees, it’s still quite likely that another +5% increase will be coming next year, unless city services are slashed or additional revenue sources are identified.