TINTON FALLS – The Tinton Falls K-8 School District Board of Education has adopted a $35.6 million budget that will fund the operation of the district during the 2021-22 school year. The budget was adopted on May 3.
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.
According to the budget document, Tinton Falls property owners will pay $26.4 million of the $26.8 million tax levy and Shrewsbury Township property owners will pay $411,424 of the total amount.
During the current 2020-21 school year, the district’s budget totaled $35 million and the tax levy paid by property owners in both municipalities 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 and the owner of that home paid about $2,655 in school taxes (0.7413 x 3,581).
In 2021-22, the school tax rate in Tinton Falls is projected to increase to 75.83 cents per $100 of assessed valuation. The owner of a home assessed at the new borough average of $367,074 will pay about $2,783 in school taxes (0.7583 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 and the owner of that home paid about $1,328 in school taxes (0.82 x 1,620).
In 2021-22, the school tax rate in Shrewsbury Township is projected to decrease to 63.93 cents per $100 of assessed valuation. The average home in the township is now assessed at $172,526. The owner of that home will pay about $1,103 in school taxes (0.6393 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.
According to district administrators, approximately 50% of the budget ($17.8 million) is spent on instruction and student support services; approximately 16% ($5.7 million) is spent on benefits; approximately 9% ($3.2 million) is spent on operations and maintenance of buildings, and security; approximately 8% ($2.8 million) is spent on debt repayment; and approximately 8% ($2.8 million) is spent on transportation.
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.
