COLTS NECK — The Colts Neck K-8 School District Board of Education has introduced a $25.79 million budget to fund the operation of the district from July 1, 2018 through June 30, 2019. According to the proposed budget, residential and commercial property owners will pay $23.02 million in taxes to support the spending plan.
The financial impact of the budget on taxpayers was not immediately known as the document is being reviewed by state officials, according to a district administrator.
The budget was introduced by the board on March 28. A public hearing on the budget will be held at 7 p.m. May 2 at the Conover Road Primary School. Residents may comment on or ask questions about the budget at that time.
The 2017-18 school year budget totaled $23.5 million and property owners paid $20.96 million in a local tax levy to support the operation of Colts Neck’s three schools. For 2018-19, total spending has increased $2.29 million, while the total amount to be paid in taxes is proposed to increase by $2.06 million.
The K-8 school tax rate in 2017-18 was 74.83 cents per $100 of assessed valuation. The average home in the Colts Neck was assessed at $843,743 and the owner of that home paid $6,313 in K-8 school taxes.
Information about the school tax rate for 2018-19 and its impact on property owners was not immediately available. Business Administrator Vincent Marasco said the proposed budget is being reviewed by the New Jersey Department of Education’s Monmouth County office.
In addition to K-8 school taxes, property owners in Colts Neck also pay municipal taxes, Freehold Regional High School District taxes and Monmouth County taxes.
As of Feb. 28, the district, which educates children in pre-kindergarten through eighth grade, had an enrollment of 968 children, according to the district’s website. The district consists of the Conover Road Primary School, the Conover Road Elementary School and the Cedar Drive Middle School.
