EATONTOWN – The Eatontown Borough Council will conduct a public hearing on the proposed 2020 municipal budget on June 10.
Council members introduced the $27.34 million budget on May 13 and may vote to adopt it following the public hearing.
Eatontown’s residential and commercial property owners will pay $18.49 million in a local tax levy to support the municipal budget, according to the budget document that has been posted on the borough’s website.
Other revenues in the 2020 budget include the receipt of $1.46 million in state aid and the appropriation of $4 million from the borough’s surplus fund (savings).
In 2019, Eatontown’s budget totaled $26.25 million and the total local tax levy was $18.2 million. The municipal tax rate was 80.3 cents per $100 of assessed valuation. The average home was assessed at $349,405 and the owner of that home paid $2,806 in municipal taxes.
In 2020, Eatontown’s municipal tax rate is projected to remain 80.3 cents per $100 of assessed valuation. The average home in the borough is now assessed at $359,783. The owner of that home will pay $2,888 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Eatontown Public Schools taxes, Monmouth Regional High School 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.
The largest single appropriation in the borough’s 2020 budget is the salaries and wages that will be paid to Eatontown’s police officers, $6.15 million (approximately 22.5% of the budget). The budget includes a $250,000 appropriation for other police department expenses.
Other appropriations include $2 million for road repairs and maintenance, salaries and wages; $1.28 million for road repairs and maintenance, other expenses; $317,000 for Monmouth County reclamation (landfill) fees; $1.82 million for the payment of bond principal; $702,000 for interest on bonds; $3.34 million for group health insurance; and $454,000 for workmen’s compensation insurance.
During 2020, Eatontown officials will pay $1.3 million to the Police and Firemen’s Retirement System of New Jersey; $518,000 to the Public Employees Retirement System; and $464,000 to the Social Security System.