SAYREVILLE – The Sayreville School District Board of Education has introduced a $108.4 million budget that will fund the operation of the district during the 2020-21 school year.
Following a discussion among district administrators and board members, the budget was introduced on March 17. A public hearing is scheduled for May 5. The budget, which may be revised until that time, may be adopted by the board following the public hearing.
The budget will be supported by a tax levy of $68 million to be paid by the borough’s residential and commercial property owners. Other revenue includes $1.61 million from the district’s surplus fund (savings).
The district’s 2019-20 budget had a school tax rate of $2.909 per $100 of assessed valuation. The average home in the borough was assessed at $145,000. The owner of that home paid about $4,218 in school taxes.
For 2020-21, the school tax rate is projected to increase to $2.959 per $100 of assessed valuation. The average home in the borough is estimated to be assessed at $144,724. The owner of that home will pay $4,282 in school taxes, an increase of $64.
An individual whose home was assessed at $145,000 in 2019 and remains assessed at $145,000 for 2020 will pay $4,291 in school taxes, an increase of $73.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property. School taxes are one component of a property owner’s tax bill, which also includes Middlesex County taxes and Sayreville municipal taxes.
The $102 million budget adopted by the board for the 2019-20 school year was supported by a tax levy of $66.7 million and the receipt of $28 million in state aid.
For the 2020-21 school year, Sayreville will receive $31.4 million in state aid, an increase of $3.4 million. The school district’s state aid has increased each year since the enactment of state legislation known as S-2 in 2018.