Residents will get a larger tax cut than anticipated this year, city and state officials said Friday. Gov. Chris Christie announced in a statement an overall 11.4 percent tax rate decrease for city property owners on Friday, the first tax cut in almost a decade. City Council accepted its $206 million budget July 11 with a proposed 5 percent cut in the municipal purpose tax rate, bringing it to about $1.80 per $100 of assessed valuation. But the county tax rate and the school tax rate also went down, said Mayor Don Guardian, bringing down the total tax rate by more than 11 percent, from $3.86 to $3.42 per $100 from 2016 to this year. The budget is $35 million less than the previous year’s and $56 million less than the 2015 budget. The cut brings an annual savings of more than $600 for the average household valued at about $150,000.
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