The Tenafly Board of Education is proposing a 2.85 tax levy increase for its 2015-2016 budget, raising taxes by $231 on a home assessed at $811,180.
According to Business Yas Usami, much of the tax levy increase comes from the banked cap.
The district is allowed to use the banked cap if they did not reach a 2-percent tax increase in previous school years.
The banked cap is the cumulative dollar amount by which the school did not reach the 2-percent increase. In this case, that amount is $491,382.
The increase in tax levy also accounts for the projected 18-percent increase in health insurance premiums.
The state allows a school district to raise its levy past the 2-percent tax cap to accommodate the rise in premiums.
The district is expecting $1,400,568 in state aid and will use $2,450,000 of surplus to help finance the budget…….
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