Municipal taxes in Matawan are expected to go down $60,000 this year, the first year taxes have declined since 2000, according to borough officials.
Mayor Joseph Altomonte and the Matawan Council presented the 2017 preliminary budget on March 21. The proposed budget calls for a 2-cent reduction on the municipal tax rate and a $60,000 decrease in the municipal tax levy.
“For the past several years, the residents of Matawan have been overtaxed, but this year will be different. For the first time in 17 years, Matawan taxpayers will see a municipal tax decrease,” said Altomonte.
For the average Matawan home assessed at $320,000, the tax decrease will result in a $65 reduction in taxes in 2017 against the 2016 figure.
Matawan Council President Nick Reeve said, “For the first time in over a decade, Matawan has a Democratic majority, and we are cutting taxes and making much-needed upgrades to our town.”
The 2017 budget includes funding for the Phase 1 Gravelly Brook Park Upgrades, including the construction of new baseball, softball and soccer fields; the restoration of the Historic Burrowes Mansion; and curb and sidewalk upgrades for Main Street and the train station.
Altomonte said that about half of the costs of these projects will be covered through county, state and federal grants.
“By aggressively pursuing grants for borough upgrades, we can fix up our town and still be fiscally responsible. It’s a win-win,” said Altomonte.