FREEHOLD – Eight months into the year, the members of the Borough Council have adopted a $16.9 million budget that will fund the operation of Freehold Borough in 2020.
The budget was adopted by council members during a special meeting on July 27 and will be supported by the collection of $11.3 million in taxes from residential and commercial property owners.
Other revenue includes the receipt of $1.25 million in state aid and the appropriation of $1.72 million from the borough’s surplus fund (savings).
Freehold Borough’s 2019 budget totaled $16.8 million and was supported in part by the collection of a $10.75 million local tax levy. Other revenue included $1.3 million in state aid and the use of $1.6 million from the surplus fund.
In 2019, the municipal tax rate was 99.2 cents per $100 of assessed valuation. The average home was assessed at $266,900 and the owner of that home paid about $2,648 in municipal taxes.
In 2020, the municipal tax rate is projected to increase to $1.018 per $100 of assessed valuation. For a home in Freehold Borough that is still assessed at $266,900, municipal taxes will total $2,717.
Municipal taxes are one item on a property owner’s tax bill, which also includes Freehold Borough K-8 School District taxes, Freehold Regional High 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.
When the budget was introduced by the council earlier in the year, the spending plan totaled $17.1 million. Council members passed a resolution prior to the adoption that reduced the total budget to $16.9 million.
According to municipal officials, the amendment to the budget did not impact the tax levy, which remains at $11.3 million.
Changes to the 2020 budget include decreasing total operations from $11.7 million to $11.5 million; salaries and wages from $6.13 million to $6.1 million; other expenses from $5.51 million to $5.37 million; miscellaneous revenues from $3.21 million to $3.02 million; and local revenues from $1.28 million to $1.13 million.
