HOLMDEL – Members of the Township Committee have introduced a 2020 municipal budget that totals $25.08 million and will be supported by the collection of $14.63 million in taxes from Holmdel’s residential and commercial property owners.
To support the budget, officials will appropriate $3.5 million from Holmdel’s surplus fund (savings) as revenue and expect to receive $1.99 million in state aid.
Mayor Greg Buontempo, Deputy Mayor Cathy Weber, Committeeman Tom Critelli, Committeeman Rocco Pascucci and Committeeman Prakash Santhana voted “yes” on a motion to introduce the budget on May 26.
A public hearing will be held on June 23, during which time members of the public may comment on the budget. The committee members may adopt the budget following public comment.
Holmdel’s 2019 budget totaled $24.24 million and was supported in part by the collection of $14.52 million in taxes from residential and commercial property owners.
From 2019 to 2020, appropriations have increased by $840,000 and the local tax levy has increased by $110,000.
In 2019, Holmdel’s municipal tax rate was 34 cents per $100 of assessed valuation. The average home was assessed at $676,993. The owner of that home paid $2,301 in municipal taxes.
In 2020, the municipal tax rate is projected to remain at 34 cents per $100 of assessed valuation. The average home is now assessed at $686,578. The owner of that home will pay $2,334 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Holmdel Township Schools taxes and Monmouth County taxes.
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.
Selected appropriations in the 2020 municipal budget include the following: Holmdel Police Department, salaries and wages, $6.05 million; police, other expenses, $310,000; payment of bond principal, $2.21 million; interest on bonds, $948,931; group insurance plans for employees, $1.73 million; other insurance premiums, $355,000.
And, Public Works, Road Repairs and Maintenance, salaries and wages, $1.32 million; Road Repairs and Maintenance, other expenses, $415,000; payment to the Police and Firemen’s Retirement System of New Jersey, $1.49 million; payment to the Public Employees’ Retirement System, $510,463; and payment to the Social Security System, $740,000.