EATONTOWN — The members of the Eatontown Public Schools Board of Education have introduced a $26.1 million budget that will fund the operation of the K-8 district during the 2022-23 school year.
Following a discussion among district administrators and board members, the budget was introduced on March 14.
A public hearing is scheduled for April 25. The budget, which may be revised until that date, may be adopted by the board following the public hearing.
The budget for the upcoming school year will be supported by a tax levy of $18 million to be paid by Eatontown’s residential and commercial property owners.
The school district’s 2021-22 budget totaled $26.7 million and was supported by a tax levy of $17.7 million.
From 2021-22 to 2022-23, total appropriations have decreased by $655,951 and the tax levy has increased by $323,535.
In 2021, Eatontown’s K-8 school tax rate was 77.1 cents per $100 of assessed valuation. The owner of a home assessed at $360,000 paid about $2,775 in K-8 school taxes.
In 2022, Eatontown’s K-8 school tax rate is projected to be 76 cents per $100 of assessed valuation. The owner of a home that is still assessed at $360,000 will pay about $2,736 in K-8 school taxes.
K-8 school taxes are one item on a property owner’s tax bill, which also includes Eatontown municipal taxes, Monmouth Regional High School District taxes and Monmouth County taxes.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the annual tax rate that is set by each taxing entity.
A decrease in the tax rate of a particular taxing entity (i.e., a school district or the municipality) does not necessarily mean an individual will pay less in property taxes to that taxing entity in a given year as the assessed value of the home must be factored in to the equation.
During the 2021-22 school year, Eatontown received $2.4 million in state aid. For the 2022-23 school year, Eatontown will receive $1.89 million in state aid, a decrease of $510,000, according to information posted online by the New Jersey Department of Education.
The school district’s state aid has decreased each year since the enactment of state legislation known as S-2 in 2018. Under S-2, the reduction in state aid to the school district will continue through the 2024-25 school year.
The Eatontown Public Schools consist of Memorial Middle School, Margaret L. Vetter School, Woodmere School and Meadowbrook School. The district’s estimated enrollment on Oct. 15, 2021 was 987 students.
Students of high school age who live in Eatontown attend Monmouth Regional High School in Tinton Falls.
