FREEHOLD TOWNSHIP – The Township Committee has introduced a $43 million budget to fund the operation of Freehold Township this year.
The budget, which may be amended prior to its final adoption, was introduced by committee members on April 13. A public hearing on the budget is scheduled for May 11 and the governing body may adopt the budget that evening.
The $43 million budget will be supported by the collection of $23 million in taxes from Freehold Township’s residential and commercial property owners. Other revenue includes the receipt of $7.44 million in state aid.
Freehold Township’s 2020 budget totaled $42.9 million and was supported by the collection of $22.6 million in taxes from property owners. Other revenue included the receipt of $7.44 million in state aid; an amount which officials said has been flat for nine years.
From 2020 to 2021, appropriations have increased $100,000 and the tax levy has increased $400,000.
In 2020, the municipal tax rate was 33.6 cents per $100 of assessed valuation. The average home in Freehold Township was assessed at $426,190. The owner of that home paid $1,432 in municipal taxes (.336 x 4,261).
In 2021, the municipal tax rate is projected to be 33 cents per $100 of assessed valuation. The average home assessment is now estimated to be $426,060. The owner of that home will pay $1,406 in municipal taxes (.33 x 4,260).
Municipal taxes are one item on a property owner’s tax bill, which also includes Freehold Township K-8 School District taxes, Freehold Regional High School District taxes, Monmouth County taxes and a fire district tax.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the annual tax rate that is set by each taxing entity.
According to a budget document provided by municipal officials, Freehold Township has 215 full-time employees, which includes 70 officers in the Freehold Township Police Department, and 51 part-time employees. Total personnel costs for 2021 will be $27.1 million (63%) of the $43 million budget.
