Lower Township Manager Mike Laffey presented the council with a $34.6 million budget with a tax rate decrease of one-tenth of a cent per $100 of assessed value. The Cape May County Herald reports the owner of a $300,000 home will pay 30 cents less for the year in the local purpose tax, which is the tax raised for the operation of the township. Budget officials say there will be no tax increase this year even though spending will go up more than $750,000. The township will have a fund surplus of over $9.7 million. Of that $9.7 million, the township is applying $4.86 million to the 2024 budget to help keep the tax rate level.