By Peter Elacqua
Staff Writer
COLTS NECK – The Township Committee has introduced a tentative 2016 budget totaling $11.75 million that will be supported in part by the collection of $7.21 million in taxes from Colts Neck’s residential and commercial property owners.
Officials will use $1.13 million from surplus funds (savings) as revenue in the budget. State aid to support the budget will remain flat at $1.98 million. Other revenues will make up the remainder of the spending plan.
Colts Neck’s 2015 budget totaled $12.17 million and was supported by a tax levy of $6.78 million. The municipal tax rate was 22.8 cents per $100 of assessed valuation and the average assessed value of a home was $811,783. The owner of that home paid $1,850 in municipal taxes.
The 2016 tax rate is projected to be 24 cents per $100 of assessed valuation and the average assessed value of a home is $842,897, according to Tax Assessor William Laird. The owner of that home will pay $2,022 in municipal taxes.
A public hearing on the budget will take place on April 27. Residents may comment on or ask questions about the budget at that time and the committee may adopt the budget following the public hearing.
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.
Police salaries and wages totaled $1.97 million in 2015 and will increase to $2.03 million in 2016. Other police expenses are expected to decrease from $107,500 in 2015 to $92,500 in 2016.
According to Township Administrator Kathleen Capristo, the township received $794,769 in state revenue and grants in 2015, but that figure has dropped to $91,028 in state revenue and grants in 2016.
