Monmouth County residents who head to the polls on Nov. 7 will be asked by the county Board of Freeholders if they want to raise the open space tax rate that generates millions of dollars in revenue that public officials use to acquire and preserve open space properties.
Voters will decide whether the open space tax rate will be increased from 1.5 cents to 2.75 cents per $100 of equalized valuation.
Freeholder Director Lillian Burry has said “the current collection (tax revenue) is not meeting the county’s needs” in terms of land preservation. She said that “if we don’t save land now, it will be lost.”
In 2017, the open space tax is expected to produce $17.7 million in revenue. It is estimated that if the tax rate is raised to 2.75 cents, $33 million in revenue will be generated annually, according to Craig R. Marshall, the county’s chief financial officer and county treasurer.
The open space tax rate, when applied to the assessed value of an individual’s property, determines the amount a property owner pays into the county’s open space trust fund on an annual basis.
County officials use those funds to pursue a policy of preserving public open space, providing public recreation opportunities, conserving natural resources and protecting water quality, according to the freeholders.
On an assessment of $200,000, a property owner currently pays $30 per year into the county’s open space trust fund. With a tax rate of 2.75 cents, that would increase to $55 per year.
On an assessment of $400,000, a property owner currently pays $60 per year into the county’s open space trust fund. With a tax rate of 2.75 cents, that would increase to $110 per year.
On an assessment of $600,000, a property owner currently pays $90 per year into the county’s open space trust fund. With a tax rate of 2.75 cents, that would increase to $165 per year.
On an assessment of $800,000, a property owner currently pays $120 per year into the county’s open space trust fund. With a tax rate to 2.75 cents, that would increase to $220 per year.