TINTON FALLS — The members of the Borough Council have adopted a $28.2 million budget to fund the operation of Tinton Falls this year.
The budget, which was adopted on May 3, will be supported by the collection of $16.5 million in taxes from Tinton Falls’ residential and commercial property owners. Other revenue includes the appropriation of $4.46 million from the borough’s surplus fund (savings) and the receipt of $1.5 million in state aid.
Tinton Falls’ 2021 budget totaled $27.2 million and was supported by the collection of $16.2 million in taxes from property owners. Other revenue included the receipt of $1.5 million in state aid, an amount which municipal officials said has remained unchanged for 13 years.
From 2021 to 2022, appropriations have increased by $1 million and the tax levy has increased by $337,573.
In 2021, the municipal tax rate was 44 cents per $100 of assessed valuation. The average home in Tinton Falls was assessed at $367,074. The owner of that home paid about $1,615 in municipal taxes.
In 2022, the municipal tax rate is projected to decrease to 38.4 cents per $100 of assessed valuation. The average home is now estimated to be assessed at $387,728. The owner of that home will pay about $1,489 in municipal taxes.
However, if the assessed value of an individual’s home and/or property has increased by a significant amount from 2021 to 2022, that individual could pay more in taxes to a taxing entity (i.e., municipality) even if the tax rate for the taxing entity has decreased, as it is doing in Tinton Falls.
Municipal taxes are one item on a property owner’s tax bill, which also includes Tinton Falls School District 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.
According to a presentation provided by the borough, selected appropriations in the 2022 budget include the following line items: public safety, $6.31 million; public works, $4.06 million; employee group health insurance, $3.05 million; pension costs, $2.53 million; debt service, $2.51 million; and general government, $2.4 million.
The budget appropriates $435,000 toward improvements to the Tinton Falls Public Library.
According to the presentation, the library improvements will be funded by $217,500 in grant money, $150,000 from the borough’s capital reserve and $67,500 from other sources.
The library at 664 Tinton Ave. was closed by municipal officials in August 2017 when mold was discovered in the building. The building is owned by the borough. Repairs to the building have been estimated at more than $400,000.
The Tinton Falls Public Library was created and is managed by the Tinton Falls Public Library Association. The library operates independently of the Monmouth County Library System.
And, the 2022 municipal budget appropriates $440,000 for field lighting improvements at Hockhockson Park. The appropriation will be covered by the borough’s open space trust, according to the presentation.