RUMSON – The members of the Borough Council have adopted a $19.5 million budget to fund the operation of Rumson during 2021.
The budget, which was adopted on July 13, will be supported by the collection of $13 million in taxes from the borough’s residential and commercial property owners.
Other revenue in the annual spending plan includes the appropriation of $2.69 million from the borough’s surplus fund (savings) and the receipt of $660,673 in state aid.
Rumson’s 2020 budget totaled $19.6 million and was supported by the collection of $12.8 million in local taxes, the appropriation of $2.8 million from the surplus fund and the receipt of $660,673 in state aid.
From 2020 to 2021, total appropriations have decreased by $128,680 and the tax levy has increased by $237,628.
In 2020, the municipal tax rate was 32.5 cents per $100 of assessed valuation. The owner of a home that was assessed at $1.5 million paid about $4,875 in municipal taxes.
In 2021, the municipal tax rate is projected to be 32.3 cents per $100 of assessed valuation. The owner of a home that is still assessed at $1.5 million will pay about $4,838 in municipal taxes.
Municipal taxes are one item on a property owner’s tax bill, which also includes Rumson K-8 School District taxes, Rumson-Fair Haven Regional High School District taxes and Monmouth County taxes.
An individual will pay more or less in taxes depending on the assessed value of his home and/or property, and the annual tax rate that is set by each taxing entity.
Selected appropriations in Rumson’s 2021 budget include salaries and wages, $5.74 million; capital improvements (without grants), $2 million; debt service, $1.75 million; statutory and deferred charges, $1.37 million; reserve for uncollected taxes, $1.16 million; and other expenses, $7.45 million.