By KATHY CHANG
Staff Writer
OLD BRIDGE — After enjoying a stable tax rate on the municipal portion of the property tax bill last year, the average homeowner may see a $26 tax increase this year.
The Township Council approved the introduction of the $54.3 million 2016 municipal budget at a council meeting in February. A public hearing on the budget will be held on March 21.
The proposed tax rate for both municipal and library purposes is estimated to be $1.0320, which reflects a tax increase of $0.1 cents per $100 of assessed valuation over the 2015 municipal tax rate for the average homeowner, according to Township Administrator Christopher Marion.
The proposed municipal and library tax increase is projected to be $26. If the budget is adopted, the owner of an Old Bridge home assessed at the township average of $152,500 will pay $1,574, increasing from $1,548 in 2015.
Marion has said the township administration does not control the library tax, which contributes $6 to the projected municipal tax rate increase. The library portion of the property tax bill is proposed to be increased from $102 in 2015 to $108 in 2016.
There is no increase or decrease in municipal state aid revenue, which totals $6.27 million.
Marion said the major expenditures in the 2016 municipal budget include deferred charges, which have increased by $136,028 from last year; pension costs that have increased by $194,801; group health insurance costs, which have increased by $615,654, and the municipal debt service which increased by $722,899.
The proposed budget has a $33.03 million tax levy, which increased by $609,334 over last year.
The proposed budget has a $2.4 million library tax levy, which increased by approximately $116,212 over last year.
