FREEHOLD – The Borough Council has adopted a $16.8 million budget to fund the operation of Freehold Borough this year with a municipal tax rate that is expected to remain stable from 2018.
The budget will be supported by the collection of $10.75 million in taxes from residential and commercial property owners. Other revenue includes $1.3 million in state aid and $1.6 million from surplus funds (savings).
Appropriations for 2019 include the following: public safety, police, salaries and wages, $3.9 million, and police, other expenses, $207,620; insurance, group insurance plans for employees, $1.89 million, workers compensation insurance, $190,000; payment of Bond Anticipation Notes and capital notes, $1.21 million, interest on notes, $263,000; payment to Police and Firemen’s Retirement System of New Jersey, $830,570; payment to Public Employees Retirement System, $199,113; public works, salaries and wages, $710,000, and public works, other expenses, $103,000; and landfill/solid waste disposal costs, $526,000.
Freehold Borough’s 2018 budget totaled $16.5 million and was supported by the collection of $10.5 million in taxes from property owners. Other revenue included $1.3 million in state aid and $1.4 million from surplus funds.
In 2018, the municipal tax rate was 99.1 cents per $100 of assessed valuation. The average home was assessed at about $255,000 and the owner of that home paid about $2,527 in municipal taxes.
In 2019, the municipal tax rate is projected to remain stable at 99.1 cents per $100 of assessed valuation. The average home in the borough is now assessed at about $261,000 and the owner of that home will pay about $2,587 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Freehold Borough K-8 School District taxes, Freehold Regional High School District taxes and Monmouth County taxes.
An individual pays more or less in taxes depending on the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
