FREEHOLD TOWNSHIP – The Freehold Township K-8 School District Board of Education has adopted an $83.6 million budget that will fund the operation of the district during the 2020-21 school year.
The budget was adopted during a meeting on April 28.
The budget for the upcoming school year will be supported by a tax levy of $72.9 million to be paid by Freehold Township’s residential and commercial property owners. The district’s state aid will increase by $75,000, from $4.59 million in 2019-20 to $4.66 million in 2020-21.
The school district’s 2019-20 budget totaled $81.8 million and was supported by a tax levy of $71.4 million.
In 2019, the average home in Freehold Township was assessed at $420,287. The K-8 school tax rate was $1.129 per $100 of assessed valuation. The owner of a home assessed at that amount paid about $4,744 in K-8 school taxes.
In 2020, the average home in Freehold Township is estimated to be assessed at $426,464. The K-8 school tax rate is projected to decrease to $1.105 per $100 of assessed valuation. The owner of a home assessed at that amount will pay about $4,711 in K-8 school taxes.
K-8 school taxes are one item on a property owner’s tax bill, which also includes Freehold Township municipal taxes, Freehold Regional High School District taxes, Monmouth County taxes and a fire district tax.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property, and the tax rate that is set by each taxing entity.
“With so much uncertainty regarding the reopening of schools and the potential for state aid to be reduced after the 2020-21 school year begins, this was not an ideal time to adopt a future budget,” Superintendent of Schools Neil Dickstein said. “However, it was required to be done as per administrative code and statute.
“I believe this budget balances fiscal responsibility to our taxpayers while maintaining our outstanding instructional programs for our students. This budget also funds necessary minor construction projects to maintain our district facilities,” he said.
According to a budget document posted on the school district’s website, the enrollment in 2018 was 3,726 pupils; the enrollment in 2019 was 3,687 pupils; and the projected enrollment for 2020 is 3,625 pupils.
