FARMINGDALE – Members of the Borough Council were expected to adopt a $1,051,735 budget to fund the operation of Farmingdale during 2018 when they met on July 3.
Borough officials said the 2018 budget will be supported in part by the collection of $435,027 in taxes from Farmingdale’s residential and commercial property owners. Other revenues will account for the remaining $616,708, including money from the borough’s surplus fund (savings).
In 2017, Farmingdale’s budget totaled $854,846 and was supported by a tax levy of $379,638. Officials used $465,744 from the surplus fund as revenue and the borough received $137,208 in state aid.
Farmingdale’s chief financial officer, Robbin D. Kirk, explained the $196,000 increase in the total budget from 2017 to 2018, saying, “The majority of it is going to capital improvement and debt payments are increasing. We had increased surplus at the end of last year so we are working on capital projects, one being the expansion and renovation of the community center, and we are also increasing payment on our current debt.”
In 2017, the municipal tax rate was 24.4 cents per $100 of assessed valuation and the average home in the borough was assessed at $300,117. The owner of that home paid $732 in municipal taxes.
In 2018, the municipal tax rate will be 26.1 cents per $100 and the average home in the borough is assessed at $318,211. The owner of that home will pay $830 in municipal taxes.
In addition to municipal taxes, property owners also pay Farmingdale Public School taxes, Freehold Regional High School District taxes and Monmouth County taxes as part of their total tax bill.