Borough Council Approves the $28.1 Million Municipal Budget; Passes Resolution to Oppose Senate Housing Bill

NEW PROVIDENCE, NJ – The Borough Council unanimously approved the 2026 municipal budget at the Tuesday, Apr. 28 meeting. The council also passed a resolution opposing Senate Bill 1836 which, if approved, would give religious and other non-profit organizations right to convert their properties into housing developments bypassing the municipal master plans.The $28.1 million budget is under state cap requirements for appropriations and a tax levy. Approximately $16.7 million of the budget is raised by property taxes. The increase in the municipal tax rate is 3.42% which translates to $131.00 annual property tax increase for an average borough home with a market value of $906,233. Additionally, the council approved the Downtown Improvement District’s (SID) $125,823 operating budget.New Jersey Senate Bill 1836 was introduced in January 2026 and is sponsored by four Democrat senators: Troy Singleton, Benjie Wimberly, Angela McKnight and Britnee Timberlake. The proposed bill aims to ease the conversion of property owned by religious or nonprofit organizations into high-density, affordable housing developments. The bill, if passed, allows certain organizations to bypass municipal “home rule” and override locally established Master Plans undermining municipalities’ independence, Council President Nadine Geoffroy explained.