COLTS NECK – The Township Committee has introduced a 2019 budget totaling $12.5 million that will be supported by the collection of $7.85 million in taxes from Colts Neck’s residential and commercial property owners.
Officials will use $1.6 million from surplus funds (savings) as revenue in the budget. State aid will remain flat at $1.98 million.
A public hearing on the budget will take place on April 24.
Residents may comment on or ask questions about the budget at that time and the committee may adopt the budget following the public hearing.
Colts Neck’s 2018 adopted budget totaled $12.29 million. The tax levy was $7.79 million. Total spending is up $210,000 from 2018 to 2019, and the tax levy is up $60,000 from 2018 to 2019.
In 2018, the municipal tax rate was 25.8 cents per $100 of assessed valuation. The average home in Colts Neck was assessed at $840,000 and the owner of that home paid $2,167 in municipal taxes.
In 2019, the municipal tax rate is projected to remain at 25.8 cents per $100 of assessed valuation. The average home is now assessed at $813,700 and the owner of that home will pay $2,099 in municipal taxes.
Municipal taxes are one component of a property owner’s tax bill, which also includes Colts Neck K-8 School District taxes, Freehold Regional High School District taxes, Monmouth County taxes and other assessments
The 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.
Mayor Thomas Orgo said the 2019 budget is under the permissible tax levy cap and the permissible appropriations cap.
“Many thanks to the department heads, commission chairs and my fellow committeemen for their hard work involved with this budget,” Orgo said.
Deputy Mayor Frank Rizzuto congratulated Township Administrator Kathleen Capristo and Chief Financial Officer John Antonides for keeping the municipal tax rate flat.
Capristo said there was a reduction in the Department of Public Works budget as a result of the reorganization of the department in January, which included the reduction of nine full-time employees. The DPW now has four full-time employees and one part-time employee. Other staff changes include the hiring of two new full-time police officers.
Other changes in the budget mentioned by Capristo were a reduction in the snow budget following a mild 2018-19 winter; a reduction in the legal budget; an increase in recycling costs due to anticipated ongoing increases in disposal costs; an increase to the fire and first aid budgets to cover training for personnel and maintenance to vehicles and equipment; and small increases to debt service, insurance and pension costs.
In addition to municipal taxes, Colts Neck charges each property owner an open space tax of 1.2 cents per $100 of assessed valuation. The owner of a home assessed at the township average of $813,7000 will pay about $97 in open space taxes in 2019.
Officials said the open space tax will generate $365,340 to be used for the acquisition and preservation of open space parcels.