Bergen County Real Estate News: April 2005

Impact of New Budget

Across the country, communities and social service agencies are concerned about the impact of the president’s $2.57 trillion budget submitted to Congress in February. The spending plan cuts funding to federal economic and community development projects from $5.7 billion to $3.7 billion under a program called the Strengthening America’s Communities Initiative. These cuts could have an even more significant impact in North Jersey where per-capita income is significantly higher than the rest of the country. Bergen County could lose up to $12 million, due to removal of Community Development Block Grants. The criteria is also critical in communities like Ridgefield Park, Fairview, Palisades Park and Leonia, where grants help subsidize road and sewer improvement projects and repair public buildings, that criteria is critical.

Home Insurance

After the recent tragic home fires in Teaneck and Ridgewood, the issues of fire safety and insurance in Bergen County have come to the fore. A fire can take a heavy toll on financial securities if adequate coverage is not there. Currently a major mistake that many make is not being insured to the value of their homes. To eliminate a few such gaps, insurance companies now insure for ‘replacement-plus’. Conducting a home inventory is the best way to know if you have enough coverage and whether it can replace your house. It will also help to get your claim settled quickly and to verify losses for your income tax return.

Spring House Tour

The annual spring house tour charity event hosted by the Junior Woman’s Club of Ridgewood will be conducted on May 5 this year. It will feature seven homes in the village and some surrounding towns. The tour commencing at 9:30 a.m. will showcase architectural and interior design styles. The proceeds from this event will benefit over 28 beneficiaries like the Children’s Aid and Family Services, The Valley Hospital, Shelter Our Sisters, Baby Basics, Camp Sunshine, the Juvenile Diabetes Foundation, and others.

Property Tax in New Milford

Property owners in New Milford may now have to pay slightly more in taxes under the preliminary $14.2 million municipal budget. The budget was introduced in March 2005, and calls for a $10.4 million tax levy. It is about 4.4 percent higher than the 2004 budget. This cost increase has reportedly come because of cost increases from borough service providers and union contracts. The budget is yet to be approved by the council. The municipality expects to receive assistance in the form of $70,000 in homeland security assistance from the state and a minimum of $250,000 in extraordinary state aid.

Find out more about Bergen County homes available for sale. Anat Eisenberg can help you find your dream real estate property. Anat is no ordinary real estate agent. In short, she is professional, honest and dedicated. Call: 201-750-6232 or email here.