TINTON FALLS – The Tinton Falls Borough Council has adopted a $26.47 million municipal budget for 2019.
During a meeting on May 21, council President Gary Baldwin, Councilman John Manginelli, Councilman Brock Siebert, Councilman Christopher Pak and Councilwoman Nancyanne Fama voted to adopt the spending plan.
A public hearing on the budget was held on April 16, during which several residents asked questions about and commented on the spending plan.
That evening, Fama had questions about specific items in the budget that could not be immediately answered and her fellow council members decided to hold off on adopting the spending plan until Fama could obtain information she was seeking.
The $26.47 million budget will be supported through the collection of $15.87 million in taxes from the borough’s residential and commercial property owners. Officials will use $3.87 million from surplus funds (savings) as revenue in the budget. State aid will total $1.49 million.
The average home in Tinton Falls is assessed at $358,000. With a 2018 municipal tax rate of 48.8 cents per $100 of assessed valuation, the owner of that home paid $1,747 in municipal taxes.
If that individual’s home is still assessed at $358,000 in 2019, with a projected tax rate of 47.1 cents per $100, that individual will pay $1,686 in municipal taxes, according to municipal officials.
Municipal taxes are one item on a property owner’s tax bill. Property owners also pay Tinton Falls School District taxes, Monmouth Regional High School District taxes, Monmouth County taxes and a fire district tax.
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.