RED BANK – The members of the Red Bank Borough Council have introduced a $25.2 million budget to fund the operation of the municipality during 2022.
Council members introduced the budget on May 25. A public hearing is scheduled for June 22. The governing body may adopt the budget that evening.
The $25.2 million budget, which may be amended prior to its final adoption, will be supported by the collection of $14.2 million in taxes from Red Bank’s residential and commercial property owners.
Other revenue in the budget includes $3.39 million to be appropriated from Red Bank’s surplus fund (savings) and the receipt of $2 million in state aid.
Red Bank’s 2021 budget totaled $23.4 million and was supported by the collection of $14.6 million in taxes from property owners. Other revenue included the appropriation of $3.39 million from the surplus fund and the receipt of $2 million in state aid.
From 2021 to 2022, the municipality’s total appropriations have increased by $1.8 million, which the tax levy has decreased by $400,000.
In 2021, the municipal tax rate was about 61.4 cents per $100 of assessed valuation. The average home in Red Bank was assessed at $406,067 and the owner of that home paid about $2,493 in municipal taxes.
In 2022, the municipal tax rate is projected to decrease to 53.19 cents per $100 of assessed valuation, but the average home assessment in Red Bank has increased to about $470,195. The owner of that home will pay about $2,500 in municipal taxes.
Municipal taxes are one component of a property owner’s tax bill, which also includes Red Bank Public Schools taxes, Red Bank Regional High School District taxes and Monmouth County taxes.
Individuals pay more or less in property taxes depending on the assessed value of their home and/or property, and the tax rate that is set by each taxing entity.
Selected appropriations in Red Bank’s 2022 municipal budget include the following: salaries and wages, $9.75 million; other expenses, $8.49 million; debt service, $2.92 million; and statutory and deferred charges, $2.37 million.
Red Bank has 139 municipal employees in 2022.