Borough of Tenafly Public Question: open space trust fund (binding referendum)

Official plain English statement

This binding referendum will extend the Open Space Trust Fund that had been approved by binding referendum on November 8, 2005. This fund collects a special municipal tax, the proceeds of which would be used for the acquisition and development of lands for recreation and conservation purposes. The tax would be collected for ten (10) years, and then expire, unless extended by approval of such a proposition by public vote. As an example, the owner of a house assessed at $785,000 (the Borough’s average) would pay an additional tax of approximately $78.50 per year for a period of ten (10) years. The total amount the tax would yield each year, depending on the total valuation of all homes in Tenafly, would be approximately $390,000 each year. If land is not available for acquisition for recreation or conservation purposes, then the monies in the fund would be used for recreation, conservation or historic preservation purposes as permitted by law after a public hearing.