RED BANK – The Red Bank Borough Public Schools Board of Education has adopted a $36 million budget that will fund the operation of the K-8 school district during the 2021-22 school year.
The budget, which was adopted by the board on April 27, will be supported by a tax levy of $18.8 million to be paid by Red Bank’s residential and commercial property owners.
The school district’s 2020-21 budget totaled $33.7 million and was supported by a tax levy of $18.6 million.
In 2020, the average home in Red Bank was assessed at $376,671. The K-8 school tax rate was 83.23 cents per $100 of assessed valuation. The owner of a home assessed at that amount paid about $3,135 in K-8 school taxes.
In 2021, the average home in Red Bank is estimated to be assessed at $406,228. The K-8 school tax rate is projected to decrease to 82.45 cents per $100 of assessed valuation. The owner of a home assessed at that amount will pay about $3,349 in K-8 school taxes.
K-8 school taxes are one item on a property owner’s tax bill, which also includes Red Bank municipal taxes, Red Bank Regional High School District taxes and Monmouth County taxes.
During 2020-21, Red Bank’s schools received $6.36 million in state aid. For 2021-22, the schools will receive $7.68 million in state aid, an increase of $1.32 million. The school district’s state aid has increased each year since the enactment of state legislation known as S-2 in 2018.
According to information posted on the school district’s website, there were 1,467 pupils enrolled on Oct. 15, 2018 and 1,475 pupils enrolled on Oct. 15, 2019. The estimated enrollment for Oct. 15, 2020 was 1,508 pupils. District administrators have not posted the estimated enrollment for Oct. 15, 2021.
