Morristown's Town Council has proposed a budget of $51.7 million for the upcoming fiscal year, reflecting a modest increase in municipal taxes. During the April 22, 2025, meeting, officials outlined a tax rate increase of just 1.9 cents, which translates to an average increase of approximately $119 per residential tax bill annually, or about $10 per month.

The budget maintains a strong focus on public safety and essential services, with public safety costs remaining the largest portion of expenditures. However, a significant rise in insurance costs, particularly health insurance, has emerged as a major concern. The town anticipates a staggering 22.8% increase in healthcare costs, driven by high-cost claims and rising prescription drug prices. This increase is expected to impact the overall budget significantly, with healthcare expenses projected to reach $9 million.

Despite these challenges, the town's financial health remains stable, with a net assessed value of $4.7 billion and a healthy tax deduction rate of 98.1%. The municipal tax levy continues to account for over 50% of total revenue, with efforts to diversify funding sources, including increased fees from construction and development projects.

The council also highlighted the ongoing impact of state funding on local budgets. Officials expressed frustration over the state’s failure to provide adequate financial support, noting that if state aid were restored to previous levels, it could save the average homeowner approximately $360 annually.

As Morristown prepares to implement this budget, officials are committed to exploring strategies to mitigate rising healthcare costs while ensuring essential services remain funded. The council's proactive approach aims to balance fiscal responsibility with community needs, setting the stage for continued growth and stability in the coming year.