SAYREVILLE – The Sayreville Borough Council has introduced a $62.7 million budget to fund the operation of the municipality during 2020.
The budget was introduced by council members on May 11. A public hearing on the budget is scheduled for June 8 at 7 p.m. The council may adopt the budget that evening.
The $62.7 million budget, which can be amended prior to its final adoption, will be supported by the collection of $33.8 million in taxes from residential and commercial property owners, according to the budget document. Other revenue includes $9.274 million in state aid and $3.56 million from surplus funds (savings).
Sayreville’s 2019 budget totaled $61.44 million and was supported by the collection of $32.7 million in taxes from property owners, according to the 2020 budget document. Other revenue included $9.27 million in state aid and $3.1 million from surplus funds.
The municipal tax rate in 2019 was about $1.425 per $100 of assessed valuation. The average home in Sayreville was assessed at $144,724 and the owner of that home paid about $2,062 in municipal taxes.
In 2020, the average home assessment is estimated to increase to $145,024. The 2020 municipal tax rate and the amount property owners will pay in municipal taxes has not yet been provided by borough officials.
Municipal taxes are one component of a property owner’s tax bill, which also includes Middlesex County taxes and Sayreville School District taxes. 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.
