KEYPORT – The Keyport Borough Council has introduced a $10.86 million budget to fund the operation of the municipality in 2019.
On April 2, Borough Council President Victoria Pacheco, Councilman Matthew Goode, Councilman Isaiah Cooper, Councilman Joseph Sheridan, Councilman Dennis Fotopoulos and Councilwoman Delia Sosa McDermott voted to introduce the spending plan.
The council has scheduled a public hearing on the budget for May 7.
Residents may ask questions about or comment on the spending plan at that time, and committee members may adopt the budget following the public hearing.
The 2019 budget will be supported through the collection of $6.33 million in taxes from Keyport’s residential and commercial property owners.
In 2018, the municipal tax rate was about 87 cents per $100 of assessed valuation and the average home in Keyport was assessed at $259,820. The owner of that home paid about $2,260 in municipal taxes.
In 2019, the municipal tax rate is 85 cents per $100 of assessed valuation and the average home in Keyport is assessed at $271,729. The owner of that home will pay about $2,309 in municipal taxes.
Municipal taxes are one component of a property owner’s total tax bill. Property owners also pay Keyport Public Schools taxes and Monmouth County taxes.
The amount of taxes an individual pays is determined by the assessed value of his home and/or property and the tax rate that is set by each taxing entity.
Significant appropriations in Keyport’s 2019 budget include police salaries and wages, $2.3 million; other police expenses, $90,000; employee group health insurance, $492,000; municipal court salaries and wages, $180,000; fire department expenses, $130,000; legal services, $100,000; and administrative and executive salaries and wages, $109,000.
