OLD BRIDGE – The Old Bridge municipal tax rate is expected to remain stable in 2019 and the Township Council has set March 25 as the date for a public hearing on the proposed municipal budget.
Council members introduced a $57.4 million budget for 2019 during a meeting in February. The 2018 budget totaled $55.9 million. A formal presentation on the new budget will be held during the council’s March 25 meeting. Residents may comment on the budget at that time.
“The proposed tax rate for municipal and municipal library purposes for 2019 is estimated to be $1.056 per $100 of assessed valuation, which reflects a zero tax rate increase over 2018 for an average home in Old Bridge that is assessed at $154,165,” Business Administrator Himanshu Shah said.
With a tax rate of $1.056 in place, the owner of a home assessed at $154,165 for 2019 would continue to pay $1,628 in municipal taxes.
The owner of a home assessed at $250,000 for 2019 would pay $2,640 in municipal taxes and the owner of a home assessed at $350,000 for 2019 would pay $3,696 in municipal taxes.
The municipal tax and the library tax are two items on a property owner’s tax bill, which also includes Old Bridge school taxes, Middlesex County taxes and a fire district tax.
Municipal taxes account for 20 percent of the total taxes paid by a property owner, Shah has said.
Old Bridge officials are projecting they will collect $35.14 million in taxes from Old Bridge’s residential and commercial property tax owners in 2019 to help fund the municipal budget.
New ratables in the township are estimated at approximately $11.9 million. Officials said they estimate Old Bridge will receive $7 million in state aid in 2019, after receiving $6.75 million in state aid in 2018.