By Andrew Martins
Staff Writer
ALLENTOWN – The Borough Council has adopted a $2.36 million budget that will fund all of the borough’s expenses during 2016. The budget will be supported by the collection of $1.52 million in taxes from Allentown’s residential and commercial property owners.
That is the same amount of money that property owners paid to support a $2.26 million budget in 2015.
The municipal tax rate for 2016 will remain stable at 79.6 cents per $100 of assessed valuation, the same tax rate as in 2015.
In 2015, the average home in Allentown was assessed at $289,233 and the owner of that home paid $2,302 in municipal taxes. In 2016, the average home is assessed at $288,582 and the owner of that home will pay $2,296 in municipal taxes, according to information provided by borough officials.
The municipal tax rate will have a different impact on each property owner depending on the assessed value of his home and/or property.
Municipal taxes are one component of a property owner’s total tax bill. Allentown property owners also pay Upper Freehold Regional School District taxes, Monmouth County taxes and other assessments.
In 2016, officials will use $302,000 from surplus funds (savings) as revenue in the budget and Allentown will receive $131,595 in state aid.
Police salaries are expected to increase by 1.5 percent each year until 2017, following recent contract negotiations between borough officials and representatives of the Allentown Police Department. Total police salaries will increase from $420,400 in 2015 to $483,500 in 2016. The cost of police operations will increase from $34,353 in 2015 to $45,353 in 2016.
