FREEHOLD – The Borough Council has adopted a $16.45 million budget to fund the operation of Freehold Borough this year. The 2018 municipal budget was adopted by council members on May 7.
The budget will be supported by the collection of $10.5 million in taxes from residential and commercial property owners. Other revenue includes $1.43 million from surplus funds (savings) and $1.25 million in state aid.
Freehold Borough’s 2017 budget totaled $16.42 million and was supported by the collection of $10.2 million in taxes from property owners. Other revenue included $1.43 million from surplus funds and $1.25 million in state aid.
In 2017, the municipal tax rate was 97.4 cents per $100 of assessed valuation. The average home was assessed at $252,180 and the owner of that home paid $2,456 in municipal taxes.
In 2018, the municipal tax rate is projected to be 99.1 cents per $100 and the average home assessment is estimated at $255,415. The owner of that home will pay $2,531 in municipal taxes, an increase of $75 for the individual who owned the “average” home in 2017 and 2018.
Municipal taxes are one component of a property owner’s tax bill, which also includes Freehold Borough K-8 School District taxes, Freehold Regional High School District taxes, Monmouth County taxes and other assessments. Individuals pay more or less in taxes depending on the assessed value of their home and property, and the tax rate established by each taxing entity.
Freehold Borough’s municipal budget contains the following appropriations: public safety (includes police department), $4.4 million; insurance, $2.3 million; public works, $1.6 million; debt payments, $1.4 million; statutory expenditures, $1.4 million; general government, $1.1 million; reserve for uncollected taxes, $935,504; landfill/solid waste disposal, $611,845; utilities and bulk purchases, $489,500; and education (including library), $483,142.
Freehold Borough has 71 full-time employees, which includes 28 police officers, and 47 part-time employees. Personnel costs will account for $11.1 million (68 percent) of the 2018 budget.
