Home Independent Independent News Keyport school board adopts budget for 2021-22 academic year

Keyport school board adopts budget for 2021-22 academic year

KEYPORT – The Keyport Public Schools Board of Education has adopted a $23.69 million budget that will fund the operation of the district during the 2021-22 school year.

The budget, which was adopted by the board on April 28, will be supported by a tax levy of $11.37 million to be paid by the borough’s residential and commercial property owners. Other revenue in the budget includes an appropriation of $715,045 from the district’s surplus fund (savings).

The school district’s 2020-21 budget totaled $24.33 million and was supported by a tax levy of $10.97 million paid by the borough’s residential and commercial property owners.

From 2020-21 to 2021-22, total appropriations have decreased by $640,000 and the tax levy has increased by $400,000.

In 2020, the average home in Keyport was assessed at $282,802. The school tax rate was about $1.396 per $100 of assessed valuation and the owner of that home paid about $3,948 in school taxes (1.396 x 2,828).

In 2021, the average home in Keyport is estimated to be assessed at $297,290. The school tax rate is projected to decrease to about $1.384 per $100 of assessed valuation. The owner of that home will pay about $4,113 in school taxes (1.384 x 2,972).

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., school district) even if the tax rate for that taxing entity has decreased.

School taxes are one component of a Keyport property owner’s total tax bill, which also includes Monmouth County taxes and Keyport municipal taxes.

Keyport is scheduled to see one category of state aid – known as equalization aid – decrease by $413,616 from 2020-21 to 2021-22.

In 2020-21, Keyport received $4.85 million in equalization aid from the state. In 2021-22, Keyport will receive $4.44 million in equalization aid from the state, according to a User Friendly Budget posted on the Keyport Public Schools website.

According to the User Friendly Budget, the district’s enrollment on Oct. 15, 2019 was 1,028 pupils. The enrollment on Oct. 15, 2020 was 951 pupils. The projected enrollment for Oct. 15, 2021 is 945 pupils.

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