HOBOKEN — Hoboken city officials learned opting in to House Bill 581 could reduce revenue while opting out allows the city government to control revenue.
“The local homestead exemption does not apply here within the City of Hoboken,” said City Attorney Adam Ferrell. “Therefore, if this law goes into effect, then it might result in reduced revenue for the City. This state homestead tax would apply countywide to include the City of Hoboken if you decide to opt in.
“Basically, you are saying you want to retain local control and decide to do a homestead exemption locally through local legislation and basically maintain the status quo with the city portion of the taxes not being subject to the local homestead exemption. It would mean this state law would not apply for purposes of the taxes collected from the from the city citizens.”
Ferrell told council members there are some requirements which must be adhered to in opting out.
“We have to have three public hearings in February,” said Ferrell. “We have to have all this done, and a resolution passed and presented to the Secretary of State by March 1. And, we have to publish a legal notice in the newspaper ( The Brantley Beacon — legal organ).”
According to Ferrell, Works Supervisor.
one meeting has to be between 6 p.m.-7 p.m. The two others can be held at other times. A resolution will be prepared for consideration of adoption following the last meeting.
The first meeting is set for 11 a.m., Tuesday, February 18. The second meeting is scheduled for 6 p.m., Tuesday, February 18. The final meeting will be held at 2 p.m., Thursday, February 20.
Councilman Ray made the motion to move forward with the hearings with the intent to opt out of House Bill 581. Councilwoman Stone gave the second. The motion was unanimously passed.
