The Kearny Finance Department has applied the Homestead Benefit Property Tax Credit to the May 2021 tax quarter for eligible property owners.  Adjusted tax bills have been mailed.  There are 1,520 property owners in Kearny that will be receiving this credit, totaling $803,283.47.  Unlike the regular tax bills, this is a small, single sheet which shows the adjustment.

Second quarter taxes are due on May 1, 2021.  There is a 10-day grace period that ends on Monday, May 10^th.  By State law, payments received after the grace period will be charged interest back to the statutory due date of May 1^st.

At the same time, Kearny Mayor Alberto G. Santos shared the results of the Town of Kearny’s Annual Financial Statement for 2020.  Notwithstanding the unprecedented challenges of the pandemic, the Town’s total expenses came in $2 million below budgeted appropriations and revenues came in higher than the budgeted amount by over $10 million due to a growing tax base, a very strong collection rate, and new revenues from redevelopments on Passaic Avenue and in South Kearny.  The net impact is a cash surplus of $12 million at year-end 2020, which is equal to 15% of the Town’s total annual revenues.

According to Mayor Santos, “This is the strongest year-end surplus the Town has generated in over two decades.  The surplus will provide us a substantial cushion against any unexpected budgetary pressures in 2021 and beyond.  We will continue to emphasize strong budget management and sound financial policies so that the Town’s robust financial health is sustained.  This will enable us to maintain stable property tax rates, and to build upon the past three consecutive years of reductions in the municipal tax rate.”