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2,265 parcels of land in Lakewood Township - 21.97% of all parcels of land in the township - are currently exempt from paying property taxes, according to municipal budget documents obtained by FAA News.

All of these parcels of land together would be assessed at $2,360,803,900.

As previously reported on FAA News, (, the Township Tax Collector has estimated that the total tax rate for FY '22 will be $2.309, of which $0.70 is the tax rate for the proposed FY '22 municipal budget. This is the amount of property taxes you pay per $100 of your property's assessed value.

(As explained in our previous article, at these tax rates, an average new duplex in the Oak and Vine neighborhood which is assessed at $577,200, paid $13,148.62 in total property taxes for FY '21 and of this amount, $3982.68 funded the municipal budget, the same house will pay $13,327.548 in total property taxes for FY '22, which represents a $178.93 increase. Of this total amount, $4,040.40 will fund the municipal budget, an increase of $57.72 from FY '21.)

At these rate, these properties would pay $54,510,962.051 in total annual property taxes, of which $16,525,627.30 would go to Lakewood Township's municipal budget.

Of these 2,265 parcels, 11 are public schools and those would be assessed $101,792,600; 259 are non-public schools and those would be assessed $956,937,700; 905 are public property (such as public parks and government buildings) and those would be assessed $571,588,900; 312 are churches and charities and those would be assessed $422,298,000; 8 are cemeteries and graveyards and those would be assessed $12,004,800; and 770 properties are not categorized and those would be assessed $296,181,900.

By the way, we have great news to report!

We previously reported on the introduced version of the municipal budget. In that version, the amount to be raised by taxation was $75,239,878.38, a $3,044,888.93 increase over the $72,194,989.45 raised by taxation in FY '21.

The Township Committee has amended the final version of the budget to reduce this amount by... $2,452.00! Yup! This will bring the total amount of revenue by taxation for FY '22 down to $75,237,426.38.

The Township Committee will hold a public hearing and adopt the final budget at their upcoming meeting this Thursday, June 23 at 5:30pm. Members of the public are welcome to watch the meeting live at Public comment can be sent via email up until 11:30 am on the day of the meeting at or during the meeting via Please include your name and address for the record. Comments may also be made live on the phone by calling (408) 418-9388. The Meeting ID#/Password is 2631-947-0052. All participants will be muted upon entry to the meeting but may participate by using the *3 key when the meeting is opened to public comment.

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