Lakewood Township’s property taxes are set to rise by 1.38% if the 2022-2023 school district budget is passed as expected.
That would result in an average hike of $28.44 for an average Lakewood home assessed at a value of $341,000.
The tax hike is significant to property owners already crushed by high taxes in the township, though it is a smaller raise than last year, when property taxes rose by 2%.
The budget will be voted on at a May 9th meeting, and will include a $24 million from the state government, adding on to the school district’s $110 million debt it already owes to the state.
The primary issue facing Lakewood’s school district budget is a lopsided state funding formula that doesn’t account for Lakewood’s massive number of private school students, who outnumber public school students by a 5 to 1 ratio.
