MATAWAN — The members of the Matawan Borough Council have introduced a 2022 municipal budget that totals $14.05 million.
During a meeting on May 3, Borough Council President Brian Livesey, Councilwoman Stephanie Buckel, Councilwoman Deana Gunn, Councilman Charles Ross and Councilwoman Melanie Wang voted “yes” on a motion to introduce the budget.
Councilman Brett Cannon was absent from the meeting.
A public hearing on the budget will be held at 7 p.m. June 9 at Borough Hall. At that time, residents may comment on or ask questions about the proposed budget. The council members may adopt the budget following the public hearing.
The 2022 budget will be supported by the collection of $10.16 million in taxes from the borough’s residential and commercial property owners. Of that total amount, $9.72 million will directly support the municipal budget and $440,000 will support the local library.
Municipal officials will appropriate $1.5 million from the borough’s surplus fund (savings) to be used as revenue in the budget. Revenues from other sources ($2.39 million) will fund the balance of the budget.
In 2021, Matawan’s municipal budget totaled $13.71 million. A local tax levy of $9.72 million was collected from residential and commercial property owners. Of that total amount, $9.33 million supported the municipal budget and the remaining $392,000 supported the library.
Also in 2021, officials appropriated $1.5 million from the surplus fund to be used as revenue in the budget. Revenues from other sources ($2.49 million) funded the balance of the budget.
From 2021 to 2022, total appropriations have increased by $340,000 and the tax levy has increased by $440,000.
The 2021 municipal tax rate was 78.4 cents per $100 of assessed valuation. The average home in Matawan was assessed at $367,374 and the owner of that home paid about $2,880 in municipal taxes.
In 2022, the municipal tax rate is projected to decrease to 72.8 cents per $100 of assessed valuation. The average home in Matawan is now assessed at $414,004. The owner of that home will pay about $3,014 (4,140 x 0.728) in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Monmouth County taxes and Matawan-Aberdeen Regional School District taxes.
The total 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.