EATONTOWN – The Borough Council has introduced a $29.2 million budget to fund the operation of Eatontown this year.
The budget, which may be amended prior to its final adoption, was introduced by council members on April 13.
A public hearing on the budget has been scheduled for May 11. Residents may ask questions or make comments about the budget at that time. The governing body may adopt the budget following the public hearing.
The $29.2 million budget will be supported by the collection of $19.8 million in taxes from the borough’s residential and commercial property owners. Other revenue will include $4.8 million to be appropriated from Eatontown’s surplus fund (savings) and the receipt of $1.46 million in state aid.
Eatontown’s 2021 budget totaled $28.7 million and was supported by the collection of $19.6 million in taxes from property owners. Other revenue included $4.5 million that was appropriated from the surplus fund and the receipt of $1.46 million in state aid.
From 2021 to 2022, total appropriations have increased by $490,408 and the local tax levy has increased by $182,923.
In 2021, the municipal tax rate was 82.6 cents per $100 of assessed valuation. The owner of a home that was assessed at $360,000 paid about $2,973 in municipal taxes.
The municipal tax rate for 2022 and the current average home assessment have not yet been announced by borough officials. When property owners are provided with those figures they will be able to determine the approximate amount they will pay in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Eatontown Public Schools taxes, Monmouth Regional High School District taxes and Monmouth County taxes.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property, and the annual tax rate that is set by each taxing entity.
Selected appropriations in the 2022 municipal budget include the following line items: police salaries and wages, $6.87 million (approximately 24% of the total budget); group health insurance, $3.46 million; road repair and maintenance, salaries and wages, $2.04 million; road repair and maintenance, other expenses, $1.23 million; payment to Police and Firemen’s Retirement System of New Jersey, $1.63 million; payment to Public Employees’ Retirement System, $547,354; payment of bond principal, $1.42 million; and sanitation, apartment collection, $870,000. These eight line items account for approximately $18.1 million in appropriations, or 62% of the total municipal budget.