EAST BRUNSWICK — Township officials are projecting a stabilized tax rate during the next few years as Township Administrator James White revealed the numbers for the tentative 2015 municipal budget.
“The township of East Brunswick is starting to come out of the bad economy from a few years ago,” White said in an April 27 interview.
According to White, the Township Council will vote to introduce a tentative budget of $59.36 million on May 18. The owners of residential and commercial properties in East Brunswick will support the budget by paying a total of $35.6 million in municipal taxes.
In 2014, East Brunswick’s municipal budget totaled $58.44 million and called for a tax levy of $34.45 million.
“With the Golden Triangle revenues coming online next year, I think we’re going to start to see the tax rate really stabilize in the next couple of years,” White said, referring to the township’s Golden Triangle redevelopment project on Route 18 that was approved in 2011.
In 2014, the municipal tax rate was 1.82 cents per $100 of assessed valuation. The average home in East Brunswick was assessed at $100,000 and the owner of that home paid $1,820 in municipal taxes.
In 2015, the average home assessment in East Brunswick is again $100,000, and the municipal tax rate is projected to be 1.88 cents per $100 of assessed valuation. The owner of that home would pay $1,880 in municipal taxes if the budget is adopted — an increase in $60.
A homeowner in East Brunswick whose home is assessed at $200,000 paid $3,640 in municipal taxes in 2014. That homeowner would pay $3,760 in municipal taxes in 2015 — an increase of $120.
Municipal taxes are one component of a homeowner’s property tax bill, and are separate from school, county, fire district and open space taxes.
The township budget will use $2.5 million in surplus funds, which is the same amount as 2014, according to White.
White said the budget includes the hiring of one new police officer.
Following the budget’s tentative introduction on May 18, the council will hold a public hearing and a vote to adopt the budget on June 8.