KEYPORT — The Borough Council has adopted an $11.67 million budget to fund the operation of Keyport during 2022.
The budget will be supported by the collection of $7.65 million in taxes from Keyport’s residential and commercial property owners. Other revenue includes the appropriation of $1 million from the borough’s surplus fund (savings) and the receipt of $714,473 in state aid.
In addition to the $7.65 million in taxes that property owners will pay to support municipal operations this year, they will also pay a total library tax of $295,470.
Keyport’s 2021 budget totaled $11 million and was supported by the collection of $7 million in taxes from property owners to support municipal operations. Other revenue in the budget included the appropriation of $1.12 million from the surplus fund and the receipt of $714,473 in state aid. The 2021 library tax was $270,248.
From 2021 to 2022, Keyport’s total appropriations have increased by $650,356 and the amount to be collected by taxes to support municipal operations has increased by $654,267. The library tax has increased by $25,222.
Borough officials said the municipal tax rate for 2022 had not been determined as of June 1.
In 2021, the municipal tax rate was 85.1 cents per $100 of assessed valuation. The owner of a home assessed at $290,000 paid about $2,465 in municipal taxes.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the tax rate that is set by each taxing entity (i.e., municipality, school district, county).
If the assessed value of an individual’s property increases from one year to the next, that individual could pay more in taxes to a taxing entity (i.e., the municipality) even if the tax rate for that taxing entity has decreased.
Municipal taxes are one component of a property owner’s total tax bill, which also includes Monmouth County taxes and Keyport Public Schools taxes.
Selected appropriations in Keyport’s 2022 municipal budget include the following: public safety functions, $3.23 million; health and human services, $1.23 million; statutory expenditures, $1.08 million; insurance, $1.07 million; general government functions, $802,900; recycling and landfill, $340,000; utilities and bulk purchases, $336,000; park and recreation functions, $109,000; code enforcement, $21,000; and land use administration, $11,100.