FREEHOLD – The members of the Borough Council have adopted an $18.3 million budget to fund the operation of Freehold Borough this year.
The budget, which was adopted June 6, will be supported by the collection of $11.8 million in taxes from Freehold Borough’s residential and commercial property owners. Other revenue includes an appropriation of $2.05 million from the borough’s surplus fund (savings) and the receipt of $1.25 million in state aid.
Freehold Borough’s 2021 budget totaled $17.2 million and was supported by the collection of $11.6 million in local taxes, the appropriation of $1.82 million from the surplus fund and the receipt of $1.25 million in state aid.
In 2021, the municipal tax rate was $1.02 per $100 of assessed valuation. The average home in Freehold Borough was assessed at $320,432. The owner of that home paid about $3,268 in municipal taxes.
In 2022, the municipal tax rate is projected to decrease to 91.9 cents per $100 of assessed valuation. However, the decrease in the tax rate does not necessarily mean a property owner will pay less in municipal taxes in 2022 than he did in 2021.
The amount to be paid in municipal taxes in 2022 will be determined in part by the assessed value of an individual’s home and/or property multiplied by the tax rate.
For example, if the assessed value of a property is $350,000, the municipal tax will be about $3,216 (0.919 x 3,500). If the assessed value of a property is $375,000, the municipal tax will be about $3,446 (0.919 x 3,7500).
Municipal taxes are one item on a property owner’s tax bill, which also includes Freehold Borough K-8 School District taxes, Freehold 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.
Selected appropriations in Freehold Borough’s 2022 budget include the following line items: public safety, $4.87 million; insurance, $2.22 million; public works, $1.73 million; statutory expenditures, $1.59 million; general government, $1.48 million; debt, $1.08 million; landfill/solid waste disposal, $729,768; and utilities and bulk purchases, $482,000.
Freehold Borough has 71 full-time employees (including 31 police officers) and 49 part-time employees. Municipal officials said personnel costs account for $12.5 million of the $18.3 million budget.