HAZLET – The members of the Hazlet Township Committee have adopted a $20.5 million budget to fund the operation of the municipality this year.
The budget, which was adopted on July 6, will be supported by the collection of $15.2 million in taxes from Hazlet’s residential and commercial property owners.
Other revenue in the spending plan includes the appropriation of $1.24 million from the township’s surplus fund (savings).
Hazlet’s 2020 budget totaled $21.3 million and was supported by the collection of $14.7 million in taxes from property owners.
From 2020 to 2021, appropriations have decreased by $852,582 and the tax levy has increased by $475,203.
In 2020, the municipal tax rate was 56.3 cents per $100 of assessed valuation. The average home in Hazlet was assessed at $341,361 and the owner of that home paid about $1,918 in municipal taxes (0.563 x 3,413).
In 2021, the municipal tax rate is projected to remain stable at 56.3 cents per $100 of assessed valuation. The average home assessment is now estimated to be $350,150. The owner of that home will pay about $1,999 in municipal taxes (0.563 x 3,501).
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the annual tax rate that is set by each taxing entity.
Municipal taxes are one item on a property owner’s tax bill, which also includes Hazlet School District taxes and Monmouth County taxes.
According to a presentation provided by the township, Hazlet’s municipal budget accounts for 21.98% of a property owner’s total tax bill; school taxes account for 63.64% of the total tax bill; Monmouth County taxes account for 10.9% of the total tax bill; special districts account for 3.09% and the municipal open space tax accounts for 0.39%.
Selected appropriations in the 2021 municipal budget include the following line items: salaries and wages, $8.42 million; other expenses, $7.36 million; statutory and deferred charges, $2.41 million; reserve for uncollected taxes, $1.1 million; and debt service, $753,337.