FREEHOLD – Members of the Borough Council have introduced a $17.2 million budget to fund the operation of Freehold Borough this year.
The budget, which may be amended prior to its final adoption, was introduced on April 5. A public hearing on the budget is scheduled for May 17 and the governing body may adopt the budget that evening.
The $17.2 million budget will be supported by the collection of $11.6 million in taxes from the borough’s residential and commercial property owners. Other revenue includes the receipt of $1.25 million in state aid and the appropriation of $1.82 million from the borough’s surplus fund (savings).
Freehold Borough’s 2020 budget totaled $16.9 million and was supported by the collection of $11.3 million in local taxes, the receipt of $1.25 million in state aid and the appropriation of $1.72 million from the surplus fund.
From 2021 to 2020, total appropriations have increased $300,000 and the tax levy has also increased $300,000.
In 2020, the municipal tax rate was $1.02 per $100 of assessed valuation. The average home was assessed at $266,903 and the owner of that home paid about $2,722 in municipal taxes (1.02 x 2,669).
The municipal tax rate for 2021 has not been determined, according to borough officials, who said that figure is expected to be determined in July.
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 will pay more or less in taxes depending on the assessed value of his home and/or property, and the annual tax rate that is set by each taxing entity.
