By Matthew Sockol
Staff Writer
FREEHOLD TOWNSHIP – The Township Committee has adopted a $39.5 million budget that will fund the operation of Freehold Township this year.
The township has 200 full-time employees, which includes 67 police officers, and 64 part-time employees. Personnel costs will account for $24.5 million of this year’s budget, according to municipal officials.
Residential and commercial property owners will pay $21.27 million in local taxes to support the budget. Other revenue includes the use of $5.8 million from surplus funds (savings) and the receipt of $7.4 million in state aid.
Freehold Township’s 2016 budget totaled $40.1 million and was supported through the collection of $20.89 million in property taxes, the use of $5.1 million from surplus and the receipt of $7.4 million in state aid.
In 2016, the municipal tax rate was 34.7 cents per $100 of assessed valuation and the average home assessment was $380,506. The owner of that home paid $1,320 in municipal taxes.
In 2017, the municipal tax rate is projected to be 34.5 cents per $100 of assessed valuation and the average home assessment is $388,672. The owner of that home will pay $1,340 in municipal taxes – an increase of $20.
If a resident’s home was assessed at $500,000 in 2016 and is still assessed at $500,000 in 2017, the municipal tax will decrease from $1,735 to $1,725.
If a resident’s home was assessed at $250,000 in 2016 and is now assessed at $240,000 for 2017, the municipal tax will decrease from $867 to $828.
An individual will pay more or less in municipal taxes based on the assessment of his property and/or home.
The municipal budget includes the following appropriations: public safety (includes police department), $9.3 million; insurance, $6.7 million; municipal debt service, $4.5 million; public works, $3.7 million; statutory expenditures, $3.7 million; reserve for uncollected taxes, $2 million; municipal general government, $2.9 million; utilities and bulk purchases, $1.4 million; and shared services, $1 million.
In addition to municipal taxes, a property owner’s tax bill also includes Freehold Township K-8 School District taxes, Freehold Regional High School District taxes, Monmouth County taxes, a fire district tax and other assessments.
“The Township Committee continues to strengthen the budget position for our taxpayers through the use of a regenerating surplus, over 30 shared services agreements with 22 different entities and a modest adjustment in the tax levy of 1.8 percent,” Mayor Lester Preston said.
“Our long-term approach to budgeting has resulted in a small increase in the tax levy by using a measured portion of our increased surplus and returning it to the budget to offset various increasing costs. Our goal is to ensure that the services to our residents are not jeopardized by abrupt cost increases that would negatively affect the tax rate.
“Most importantly, for almost 70 percent of homeowners in Freehold Township, their municipal tax bill will either decrease or remain flat,” Preston said. “The combination of a number of downward adjustments to home assessments combined with a tax levy increase of less than 2 percent will result in little to no change.”