SOUTH BRUNSWICK – With the adoption of South Brunswick’s 2018 municipal budget on June 12, municipal taxes will increase by about $87 for the owner of a home assessed at the township average.
The budget totals $56.1 million. A local tax levy of $34.7 million will be collected from the community’s residential and commercial property owners to support the spending plan.
The municipal tax rate for 2018 is 92.4 cents per $100 of assessed valuation. The average home is assessed at $196,000, according to CFO/Deputy Manager Joseph Monzo.
The owner of a home assessed at the township average will pay about $1,811 in municipal taxes in 2018.
If an individual owned a home that was assessed at $200,000 in 2017 and if that home is still assessed at $200,000 for 2018, the municipal tax will increase from $1,826 to $1,848.
Municipal taxes are one item on a property owner’s tax bill, which also includes South Brunswick school taxes and Middlesex County taxes.
Individuals pay property taxes based on the assessed value of their home and property, and the tax rate that is set by each taxing entity.
