SAYREVILLE – The Sayreville Borough Council has introduced a $57.5 million budget to fund the operation of the borough during 2018.
The budget was introduced by council members on March 12. A public hearing on the budget will be held at 7 p.m. on April 9 at the municipal building, which is located at 167 Main St. The council may adopt the budget that evening.
The $57.5 million budget, which can be amended prior to its final adoption, will be supported by the collection of $31.8 million in taxes from residential and commercial property owners, according to the budget document. Other revenue includes $9.3 million in state aid and $3.1 million from surplus funds (savings).
Sayreville’s 2017 budget totaled $57 million and was supported by the collection of $30.4 million in taxes from property owners, according to the 2017 budget document. Other revenue included $9.3 million in state aid and $3.1 million from surplus funds.
The municipal tax rate in 2017 was $1.33 per $100 of assessed valuation. The average home was assessed at $144,543, according to the tax assessor’s office, and the owner of that home paid $1,922 in municipal taxes.
In 2018, the average home assessment is estimated to be $144,724, according to the tax assessor’s office. When contacted, borough officials said the 2018 municipal tax rate and the amount property owners will pay in municipal taxes has not yet been determined.
Municipal taxes are one component of a property owner’s tax bill, which also includes Middlesex County taxes and Sayreville School District taxes. Individuals pay more or less in taxes depending on the assessed value of their home and/or property.
