Morristown Mayor Gives 2024 Proposed Budget Address

MORRISTOWN, NJ - Morristown's Full Year 2024 Proposed Budget was presented at the May 14th Council meeting. Morristown Mayor Tim Dougherty presented his budget address before the Business Adminstrator, Jillian Barrick gave her presentation detailing the budget specifics.

"Morristown is an unbelievable community. As the county seat, we host non-profits, we host the county, we host a lot of churches. We host state, county, municipal properties. We are the hub of Morris County, which means we have all the non-profits." said Mayor Dougherty. Dougherty continued by reminding residents that the non-profit entities don't pay taxes and therefore, the town loses close to $5 million dollars per year in revenue based on their tax-free status. "That's a major consideration for Morristown officials when considering the budget", said Dougherty.

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The proposed operating budget for 2024 is $49 million dollars.

"This proposed budget includes an effective increase of 1.7 cents in the municipal tax rate. Together with the anticipated increases in the school and county tax rates the average homeowners will expect to see a total tax increase of about $189 or $16 a month". said Dougherty.

Dougherty shared where he believes Morristown is currently and where the town plans to go. Doughterty said he believes that Morristown is headed in the right direction.

Morristown completed a revaluation of all properties, with the last revaluation in 2004. The "staggering" increases in home values shows the growth of our town, said Dougherty. The town's net assessed valuation doubled with a $2.4 billion dollar increase over 2023 ratables. The largest portion of that increase is from residential home values, which increased 77%.

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