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Red Bank Regional school board puts $33.9M budget in place for upcoming year

The Red Bank Regional High School District Board of Education has adopted a $33.9 million budget that will fund the operation of the district during the 2021-22 school year.

Residents of Red Bank, Little Silver and Shrewsbury Borough attend the high school, which is in Little Silver.

The $33.9 million budget for the upcoming school year, which was adopted by the board on April 28, will be supported by a tax levy of $26.8 million to be paid by residential and commercial property owners in Red Bank, Little Silver and Shrewsbury Borough.

Of the $26.8 million tax levy, Red Bank property owners will pay $12.4 million, Little Silver property owners will pay $7.81 million and Shrewsbury Borough property owners will pay $6.65 million, according to budget document.

In 2020-21, the regional high school district tax rate in Red Bank was about 50.5 cents per $100 of assessed valuation. The owner of a home assessed at the borough average of $376,671 paid about $1,902 in regional high school district taxes.

For 2021-22, the regional high school district tax rate in Red Bank is projected to be about 46.3 cents per $100 of assessed valuation. The owner of a home assessed at the borough average of $406,228 will pay about $1,881 in regional high school taxes.

In 2020-21, the regional high school district tax rate in Little Silver was about 42.2 cents per $100 of assessed valuation. The owner of a home assessed at $700,000 paid about $2,954 in regional high school district taxes.

For 2021-22, the regional high school tax rate in Little Silver is projected to be about 41.7 cents per $100 of assessed valuation. The owner of a home assessed at $700,000 will pay about $2,919 in regional high school district taxes.

In 2020-21, the regional high school district tax rate in Shrewsbury Borough was about 50.9 cents per $100 of assessed valuation. The owner of a home assessed at $600,000 paid about $3,054 in regional high school district taxes.

For 2021-22, the regional high school district tax rate in Shrewsbury Borough is projected to be about 47.6 cents per $100 of assessed valuation. The owner of a home assessed at $600,000 will pay about $2,856 in regional high school district taxes.

Red Bank Regional High School District taxes are one item on a property owner’s tax bill, which also includes municipal taxes, K-8 school taxes and Monmouth County taxes.

A decrease in the regional high school district tax rate – as is the case in all three sending municipalities for 2021-22 – does not necessarily mean an individual will pay less in Red Bank Regional taxes. The amount of taxes paid is a function of the tax rate and the assessed value of an individual’s property.

The school district’s 2020-21 budget totaled $33.6 million and was supported by a tax levy of $26.2 million. From 2020-21 to 2021-22, the total budget has increased by $300,000 and the tax levy has increased by $600,000.

During 2020-21, Red Bank Regional received $1.24 million in state aid. For 2021-22, Red Bank Regional will receive $1.41 million in state aid, an increase of $169,072. The school district’s state aid has increased each year since the enactment of state legislation known as S-2 in 2018.

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