September 24, 2011 |
In line with the times and in order to try and alleviate some of the financial burden of Tenafly’s tax payers, the Borough Council is proposing a new referendum to be added on the Nov. 8 general election ballot that would freeze funding for the Open Space Trust Fund for two years, providing Tenafly residents with a slight tax relief.
The Open Space Trust Fund is a 10 year plan that was first enacted by Tenafly residents in the November 2005 general election to aid in the conservation of open space. The fund already has approximately $1.7 million, according to Councilman Barry Hoing.
The fund is financed by collecting one cent for every $100 of assessed property value, in order to fund the purchasing of recreational or conservation areas. Read more