MATAWAN – The Borough Council has adopted a $13.42 million budget to fund Matawan’s operations and services during 2020.
The 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. Property owners will pay an additional $392,821 in a library tax.
In 2019, Matawan’s budget totaled $12.96 million and was supported in part by an $8.52 million local tax levy. Property owners also paid $372,962 in a library tax.
Municipal officials will appropriate money from the borough’s surplus fund (savings) to use as revenue in the budget. In 2019, council members appropriated $1.15 million from surplus. In 2020, council members will appropriate $1.35 million from surplus, according to a budget document posted on the borough’s website.
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 about $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 about $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.
Municipal officials are anticipating a decrease in miscellaneous revenues from $2.91 million in 2019 to $2.55 million in 2020.
The municipal budget shows the following appropriations for 2020: $4.43 million for operating expenses, salaries and wages; $5 million for operating expenses, other expenses; $1.14 million for deferred charges and other appropriations; $295,000 for capital improvements; $1.84 million for debt service; and $700,000 as the reserve for uncollected taxes.
The borough will have 54 employees in 2020, which is down from 55 employees in 2019.
According to census.gov, Matawan’s population on July 1, 2018 was estimated to be 8,736 residents.
Mayor Joseph Altomonte said there are several road projects and utility projects planned for 2020.