FREEHOLD TOWNSHIP – The Freehold Township K-8 School District Board of Education has introduced an $86.5 million budget that will fund the operation of the district during the 2022-23 school year.
Following a discussion among district administrators and board members, the budget was introduced on March 22.
A public hearing is scheduled for April 26. 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 $74.9 million to be paid by Freehold Township’s residential and commercial property owners. The district’s state aid will increase from $4.76 million in 2021-22 to $5 million in 2022-23, an increase of $240,000.
The school district’s 2021-22 budget totaled $85 million and was supported by a tax levy of $73.5 million. From 2021-22 to 2022-23, total appropriations have increased by $1.5 million and the tax levy has increased by $1.4 million.
In 2021, the K-8 school tax rate was $1.044 per $100 of assessed valuation. The owner of a home assessed at $500,000 paid about $5,220 in K-8 school taxes.
In 2022, the K-8 school tax rate is projected to decrease to $1.037 per $100 of assessed valuation. The owner of a home that is still assessed at $500,000 will pay about $5,185 in K-8 school taxes.
However, many property assessments in Freehold Township have increased from 2021 to 2022 and even though the school tax rate is expected to decrease from approximately $1.04 to $1.03 per $100 of assessed valuation, some property owner may see an increase in the amount of school taxes they pay.
K-8 school taxes are one item on a property owner’s tax bill, which also includes Freehold Township municipal taxes, Freehold Regional High School District taxes, Monmouth County taxes and a fire district tax.
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.
“This (proposed) budget balances fiscal responsibility to our taxpayers and the maintenance of the outstanding educational program we provide to our students,” Superintendent of Schools Neil Dickstein said.
“With the implementation of Chapter 44, healthcare costs have increased for the district and I am concerned these costs will increase and continue to impact our budget in the future,” he said.
