FREEHOLD TOWNSHIP – The Township Committee has introduced a $40.4 million budget to fund the operation of Freehold Township this year.
The 2018 municipal budget was introduced by committee members on March 26. A public hearing on the budget will be held at 8 p.m. April 24 at the municipal building. The committee may adopt the budget that evening.
The budget, which can be amended prior to its final adoption, will be supported by the collection of $21.5 million in taxes from Freehold Township’s residential and commercial property owners. Other revenue includes $7.4 million in state aid and $6.5 million from surplus funds (savings).
Freehold Township’s 2017 budget totaled $39.5 million and was supported by the collection of $21.3 million in taxes from property owners. Other revenue included $7.4 million in state aid and $5.8 million from surplus funds.
The municipal tax rate in 2017 was 34.6 cents per $100 of assessed valuation. The average home was assessed at $388,672 and the owner of that home paid $1,344 in municipal taxes last year.
In 2018, the municipal tax rate is projected to be 33.9 cents per $100 of assessed valuation and the average home assessment is estimated at $402,344. The owner of that home will pay $1,363 in municipal taxes, an increase of $19.
The owner of a home that was assessed at $350,000 in 2017 paid $1,211 in municipal taxes. If that home is still assessed at $350,000, the 2018 municipal taxes will be $1,187, a decrease of $24.
“Freehold Township’s 2018 municipal budget contains a tax levy which is more than $500,000 under the state’s 2 percent levy cap,” Mayor Anthony Ammiano said. “The township’s continued addition of surplus allows us to keep the tax rate in check, while continuing to fund essential and valuable services and programs for our residents. We continue to see dividends from our self-insurance of group healthcare, which has a reserve that is nearly 50 percent of our annual healthcare budget.
“Lastly, we continue our commitment to quality of life services and investment in recreation programs, parks and senior services to give Freehold Township that ‘family town’ feel residents appreciate and enjoy,” Ammiano said. “The Township Committee and I thank the administration and finance budget staff for their extraordinary, diligent efforts and achievements.”
Municipal taxes are one component of a property owner’s tax bill, which 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. Individuals pay more or less in taxes depending on the assessed value of their home and/or property.