EATONTOWN – Members of the Borough Council have introduced a $28.66 million budget to fund the operation of Eatontown during 2021.
The budget, which may be amended prior to its final adoption, was introduced on April 14.
A public hearing on the budget is scheduled for May 12 and the governing body may adopt the budget that evening.
The $28.66 million budget will be supported by the collection of $19.7 million in taxes from Eatontown’s residential and commercial property owners.
Other revenue in the 2021 budget includes the receipt of $1.46 million in state aid and the appropriation of $4.5 million from the borough’s surplus fund (savings).
Eatontown’s 2020 budget totaled $27.7 million and was supported by the collection of $18.5 million in local taxes. Other revenue included the receipt of $1.46 million in state aid and the appropriation of $4 million from the surplus fund.
From 2020 to 2021, appropriations have increased by $962,857 and the local tax levy has increased by $1.21 million.
In 2020, the municipal tax rate was 80.3 cents per $100 of assessed valuation. The owner of a home that was assessed at $325,000 paid about $2,610 in municipal taxes (0.803 x $3,250).
In 2021, the municipal tax rate is projected to be 82.9 cents per $100 of assessed valuation. The owner of a home that is assessed at $325,000 will pay about $2,694 in municipal taxes (0.829 x $3,250).
Municipal taxes are one item on a property owner’s tax bill, which also includes Eatontown K-8 School District taxes, Monmouth Regional High School District taxes and Monmouth County taxes.
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.
Selected appropriations in the 2021 budget include the following: group insurance, $3.4 million; police salaries and wages, $6.6 million; road repair and maintenance, salaries and wages, $1.9 million; road repair and maintenance, other expenses, $1.1 million; payment to Police and Firemen’s Retirement System of New Jersey, $1.5 million; payment to Public Employees’ Retirement System, $515,000; payment to Social Security System, $464,000; and payment of bond principal, $1.87 million.
According to the budget document, municipal taxes account for 36% of a property owner’s tax bill. School taxes account for 51% of a property owner’s tax bill. Monmouth County taxes account for the remaining 13% of a property owner’s tax bill.