KEYPORT – The Borough Council has introduced a $10.8 million budget to fund the operation of Keyport this year.
During a meeting on April 6, council members Dennis Fotopoulos, Matthew Goode, Delia Sosa McDermott, Victoria Pacheco, Lori Ann Davidson and Kathleen McNamara voted “yes” on a motion to introduce the budget.
A public hearing on the budget is scheduled for 7 p.m. May 4. The council may adopt the budget that evening.
The $10.8 million budget, which can be amended prior to its final adoption, will be supported by the collection of $7.27 million in taxes from Keyport’s residential and commercial property owners.
Other revenue in the budget includes the receipt of $714,473 in state aid and the appropriation of $1.1 million from the borough’s surplus fund (savings).
Selected appropriations in the 2021 municipal budget include the following: legal services, $110,000; employee group insurance, $510,000; workers compensation insurance, $220,800; police department salaries and wages, $2.48 million; road repairs and maintenance salaries and wages, $534,000; landfill/solid waste disposal costs, $380,000; payment to the Police and Firemen’s Retirement System of New Jersey, $581,068; payment to the Public Employees’ Retirement System, $225,365; payment to Social Security System, $182,000; and payment of bond principal, $755,000.
Keyport’s 2020 budget totaled $11.4 million and was supported by the collection of $7.19 million in taxes from residential and commercial property owners. Other revenue in the budget included the receipt of $714,473 in state aid and the appropriation of $970,000 from the surplus fund.
In 2020, the municipal tax rate was 87.7 cents per $100 of assessed valuation. The owner of a home that was assessed at $290,000 paid about $2,543 in municipal taxes.
For 2021, the municipal tax rate is projected to decrease to 84.6 cents per $100 of assessed valuation. The owner of a home that is still assessed at $290,000 would pay about $2,453 in municipal taxes.
From 2020 to 2021, Keyport’s total appropriations have decreased by $600,000 and the amount to be collected in taxes has increased by $80,000.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the tax rate that is set by each taxing entity (i.e., municipality, school district, county).
If the assessed value of an individual’s property increases from one year to the next, that individual could pay more in taxes to a taxing entity (i.e., the municipality) even if the tax rate for that taxing entity has decreased.
Municipal taxes are one component of a property owner’s total tax bill, which also includes Monmouth County taxes and Keyport school taxes.
