COLTS NECK – Members of the Township Committee have introduced a 2020 municipal budget totaling $12.47 million that will be supported by the collection of $7.8 million in taxes from Colts Neck’s residential and commercial property owners.
To support the budget, officials will appropriate $1.6 million from the township’s surplus fund (savings) as revenue and expect to receive $1.98 million in state aid.
The budget was introduced on May 13 and a public hearing will be held on June 10, during which time members of the public may comment on the budget. The Township Committee may adopt the budget following public comment.
Information regarding how members of the public may remotely participate in the meeting will be posted at colts-neck.nj.us prior to the meeting.
Mayor Frank Rizzuto said the proposed budget is under the permissible tax levy cap and under the permissible appropriations cap.
“I thank the township’s department heads, the Township Committee, our commission chairs and our business administrator, Kathleen Capristo, for developing this budget,” Rizzuto said.
Colts Neck’s 2019 adopted budget totaled $12.5 million. The tax levy was $7.85 million. From 2019 to 2020, total appropriations have decreased by $30,000 and the amount to be paid by property owners in taxes has decreased by $50,000.
In 2019, the municipal tax rate was 25.8 cents per $100 of assessed valuation. The average home in Colts Neck was assessed at $828,700. The owner of that home paid $2,138 in municipal taxes.
In 2020, the municipal tax rate is projected to remain at 25.8 cents per $100 of assessed valuation. The average home is now assessed at $823,000. The owner of that home will pay $2,123 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Colts Neck K-8 School District taxes, Freehold Regional High School District taxes and Monmouth County taxes.
The amount of taxes an individual pays is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
In addition to municipal taxes, Colts Neck charges each property owner an open space tax of 1.2 cents per $100 of assessed valuation. The owner of a home assessed at the township average of $823,000 will pay about $99 in open space taxes in 2020.
Municipal officials said the open space tax will generate about $360,000 to be used for the acquisition and preservation of open space parcels.