TINTON FALLS – The Tinton Falls K-8 School District Board of Education has introduced a $35.1 million budget that will fund the operation of the district during the 2021-22 school year.
Following a discussion among district administrators and board members, the budget was introduced on March 15. A public hearing is scheduled for May 3. The budget, which may be revised until that date, may be adopted by the board following the public hearing.
Residents of Tinton Falls and Shrewsbury Township attend schools in the district. For 2021-22, the board has proposed collecting a local tax levy totaling $26.8 million from residential and commercial property owners in the two municipalities.
During the current 2020-21 school year, the district’s budget totaled $35 million and the tax levy was $26.36 million.
In 2020-21, the school tax rate in Tinton Falls was about 74.13 cents per $100 of assessed valuation. The average home in the borough was assessed at $358,195. The owner of that home paid about $2,655 in school taxes (.7413 x 3,581).
In 2021-22, the school tax rate in Tinton Falls is projected to be about 75.83 cents per $100 of assessed valuation. The owner of a home assessed at the borough average of $367,074 will pay about $2,783 in school taxes (.7583 x 3,670).
In 2020-21, the school tax rate in Shrewsbury Township was about 82 cents per $100 of assessed valuation. The average home in the township was assessed at $162,039. The owner of that home paid about $1,328 in school taxes (.82 x 1,620).
In 2021-22, the school tax rate in Shrewsbury Township is projected to be about 63.93 cents per $100 of assessed valuation. The average home in the township is assessed at $172,526. The owner of that home will pay about $1,103 in school taxes (.6393 x 1,725).
School taxes are one item on a property owner’s tax bill, which also includes municipal taxes and Monmouth County taxes.
The amount of taxes a property owner pays is determined by the assessed value of his home and/or property and the tax rate that is set by each taxing entity.
For the 2020-21 school year, the school district’s budget was supported by the receipt of $3.18 million in state aid.
For the 2021-22 school year, the school district’s budget is expected to be supported by the receipt of $2.85 million in state aid, a decrease of $333,743.
The school district’s state aid has decreased each year since the enactment of state legislation known as S-2 in 2018.
