MATAWAN – The Borough Council has introduced a $13.41 million municipal budget to fund Matawan’s operations and services during 2020. Council members introduced the budget on May 19 and set June 16 as the date of the public hearing.
The council may vote to adopt the budget following the public hearing.
The proposed $13.41 million budget will be supported in part through the collection of a $9.12 million local tax levy to be paid by Matawan’s residential and commercial property owners, according to Mayor Joseph Altomonte.
In 2109, the municipal budget totaled $12.96 million and was supported in part by an $8.52 million local tax levy. Total appropriations are up $450,000 and the local tax levy is up $600,000 from 2019 to 2020.
Municipal officials may appropriate money from the borough’s surplus fund (savings) to use as revenue in the budget. In 2019, council members used $1.15 million from surplus. In 2020, council members anticipate using $1.35 million from surplus, according to the mayor.
State aid to support Matawan’s budget will remain the same in 2020 as it was in 2019: $1.45 million.
In 2019, the municipal tax rate was 76 cents per $100 of assessed valuation. The average home in Matawan was assessed at $342,960. The owner of that home paid $2,606 in municipal taxes.
In 2020, the municipal tax rate is projected to be 77 cents per $100 of assessed valuation. The average home in Matawan is assessed at $356,513. The owner of that home will pay $2,745 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Matawan-Aberdeen Regional 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.
Altomonte said there has not been a substantial increase or decrease in any line item of the 2020 budget when compared to 2019.
No new municipal employees have been hired and no employees at this time are retiring or not being replaced. No municipal departments are being eliminated or consolidated, according to the mayor.
Regarding potential capital improvements for 2020, Altomonte said there are several road projects and utility projects planned.
According to census.gov, Matawan’s population on July 1, 2018 was estimated to be 8,736 residents.
