WINFIELD MUTUAL HOUSING CORPORATION  WINFIELD PARK, NEW JERSEY 07036

NOTICE IS HEREBY GIVEN THAT THE ESTIMATED

REAL ESTATE TAX INCREASE PER THE TOWNSHIP OF WINFIELD

$36,447

THEREFORE, EFFECTIVE AUGUST 1, 2022

MEMBERS’ PAYMENTS WILL BE INCREASED

$  11.00   MONTHLY

2022 REAL ESTATE TAXES    $3,582,218

2021 REAL ESTATE TAXES    $3,545,771

                        INCREASE       $     36,447  

As the Estimated Final Tax Bill must be paid in full before the end of the year, the increase is apportioned over the remaining five (5) months, August 2022 through December 2022.

INCREASE             # MONTHS                                                  # MEMBERS                  INCREASE

 $ 36,447         ÷            5             =           $  7,290            ÷               697                      =     $  11.00

 $ 36,447         ÷          12            =           $  3,037            ÷               697                      =     $    5.00

Next year the increase, along with any difference from the estimated tax, will be apportioned over the full twelve (12) months and, upon adoption of the 2023 WMHC Corporation Budget, an appropriate adjustment can be made at that time.   The Corporation has no control over the Township Budget. As a point of general information, Real Estate taxes are prepaid, hence the need for a reserve.  Bear in mind that the August 1, 2022 payment is for August 2022 through December 2022, notwithstanding the fact, although the tax bill is immediately due, $0 dollars has been collected.

Note: This budget is the increase for your Winfield municipality only. No school increase and a decrease for the County taxes. Your Board and Manager will continue to maintain services and its capital improvement plan, which does not get determined by us all until November for January 1, 2023.