UPPER FREEHOLD – The Township Committee has introduced a $5.76 million budget to fund the operation of Upper Freehold Township during 2018.
The budget was introduced by committee members on March 1. A public hearing on the budget will be held at 7 p.m. April 12 at the municipal building, 314 Route 539. The committee may adopt the budget that evening.
The $5.76 million budget, which can be amended prior to its final adoption, will be supported by the collection of $2.96 million in taxes from Upper Freehold’s residential and commercial property owners. Other revenue includes $1.34 million from surplus funds (savings) and the receipt of $518,481 in state aid.
Upper Freehold Township’s 2017 budget totaled $5.5 million and was supported by the collection of $2.79 million in taxes from property owners. Other revenue included $1.25 million from surplus funds and $518,481 in state aid.
The municipal tax rate in 2017 was 22.9 cents per $100 of assessed valuation. The average home was assessed at $464,100 and the owner of that home paid $1,063 in municipal taxes last year.
In 2018, the municipal tax rate is projected to be 23.7 cents per $100 of assessed valuation and the average home assessment is estimated at $473,400. The owner of that home will pay $1,122 in municipal taxes, an increase of $59.
Municipal taxes are one component of a property owner’s tax bill, which also includes Monmouth County taxes, Upper Freehold Regional School District taxes and other assessments.