COLTS NECK – The members of the Township Committee have introduced a 2021 municipal budget totaling $14 million that will be supported by the collection of $8.28 million in taxes from Colts Neck’s residential and commercial property owners.
Other revenue in the budget includes the appropriation of $2.4 million from the township’s surplus fund (savings) and the receipt of $1.98 million in state aid.
The budget was introduced on March 31 and a public hearing has been scheduled for April 28. During the public hearing, residents may comment on the budget. The Township Committee may adopt the budget that evening.
Information regarding how members of the public may remotely participate in the April 28 meeting will be posted at colts-neck.nj.us prior to the meeting.
Mayor Michael Viola said the 2021 budget as introduced is under the permissible tax levy cap and under the permissible appropriations cap. That means officials will collect less in local taxes than they are permitted to collect by the state and they will spend less during the year than they are permitted to spend by the state.
“I thank the township’s department heads, the Township Committee, our commission chairs and our business administrator, Kathleen Capristo, for developing this budget,” Viola said.
In 2020, Colts Neck’s adopted budget totaled $12.47 million and the tax levy was $7.8 million. The municipal tax rate was 25.8 cents per $100 of assessed valuation. The average home in Colts Neck was assessed at $823,000 and the owner of that home paid $2,123 in municipal taxes (.258 x 8,230).
In 2021, the municipal tax rate is projected to increase to 26.4 cents per $100 of assessed valuation. The average home is now assessed at $830,000 and the owner of that home will pay $2,191 in municipal taxes (.264 x 8,300).
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 $830,000 will pay about $100 in open space taxes in 2020.
Municipal officials said the open space tax will generate about $370,000 to be used for the acquisition and preservation of open space parcels in the community.