SOUTH AMBOY – Property owners in South Amboy will see a one-cent increase in the municipal tax rate in 2018, resulting in an increase of $35 in municipal taxes for the owner of a home assessed at the city average of $270,680.
On May 18, members of the City Council unanimously adopted a $17.8 million budget for 2018 that will be supported by a $10.82 million tax levy to be collected from the city’s residential and commercial property owners.
South Amboy’s 2017 municipal budget totaled $17.4 million and was supported by a $10.7 million tax levy, according to the budget document.
South Amboy officials plan to use $1.13 million from surplus (savings) as revenue in the budget. In 2017, officials used $661,000 from surplus. State aid will remain flat at $3.87 million for 2018, according to the budget document.
If the budget is approved by the state, the municipal tax rate will increase from $1.178 to $1.189 per $100 of assessed valuation, according to the budget document.
In 2017, the average home in South Amboy was assessed at $270,103 and the owner of that home paid $3,182 in municipal taxes.
In 2018, the average home is assessed at $270,680, according to Chief Financial Officer Angel Albanese. The owner of that home will pay $3,217 in municipal taxes, an increase of $35 for the owner of the “average” home.
A property owner will pay more or less in taxes based on the assessed value of his property. A property owner’s total tax bill also includes South Amboy school taxes and Middlesex County taxes.
