FAIR HAVEN – Officials in Fair Haven have adopted a $9.4 million budget to fund the operation of the municipality during 2019.
During a meeting on May 13, council members voted “yes” on a motion to adopt the 2019 spending plan. The 2019 budget totals $9.4 million and will be supported through the collection of $6.59 million in taxes from Fair Haven’s residential and commercial property owners.
The 2019 tax levy represents a $105,363 increase from the 2018 tax levy, which totaled $6.49 million, Business Administrator Theresa Casagrande said.
In 2018, Fair Haven’s municipal tax rate was 37.7 cents per $100 of assessed valuation. The average home in the borough was assessed at $809,400 and the owner of that home paid about $3,051 in municipal taxes in 2018.
In 2019, the municipal tax rate is projected to be 36.9 cents per $100 of assessed valuation. The average home in the borough is now assessed at $843,040 and the owner of that home will pay about $3,111 in municipal taxes this year.
Municipal taxes are one item on a property owner’s tax bill. Fair Haven property owners also pay school taxes and Monmouth County taxes.
The amount a resident pays in property taxes is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
According to the 2019 budget, significant appropriations include operating salaries and wages, $3.03 million; other expenses, $3.7 million; debt service, $1 million; and a reserve for uncollected taxes, $525,000.