MATAWAN – The members of the Matawan Borough Council have adopted a $14.05 million municipal budget for 2022.
During a meeting on June 9, Borough Council President Brian Livesey, Councilman Brett Cannon, Councilwoman Stephanie Buckel, Councilwoman Deana Gunn, Councilman Charles Ross and Councilwoman Melanie Wang voted “yes” on a motion to adopt the budget.
The 2022 budget will be supported by the collection of $10.16 million in taxes from the borough’s residential and commercial property owners. Of that total amount, $9.72 million will directly support the municipal budget and $440,000 will support the local library.
Municipal officials will appropriate $1.5 million from Matawan’s surplus fund (savings) to be used as revenue in the budget. Revenues from other sources ($2.39 million) will fund the balance of the budget.
In 2021, the budget totaled $13.71 million. A local tax levy of $9.72 million was collected from residential and commercial property owners. Of that total amount, $9.33 million supported the budget and the remaining $392,000 supported the library. Officials appropriated $1.5 million from the surplus fund and revenues from other sources ($2.49 million) funded the balance of the budget.
From 2021 to 2022, total appropriations have increased by $340,000 and the total tax levy has increased by $440,000.
Matawan’s 2021 municipal tax rate was 78.4 cents per $100 of assessed valuation. The average home in the borough was assessed at $367,374 and the owner of that home paid about $2,879 (3,673 x 0.784) in municipal taxes.
For 2022, the municipal tax rate is projected to decrease to 72.8 cents per $100 of assessed valuation. The average home in Matawan is now assessed at $414,004. The owner of that home will pay about $3,014 in municipal taxes (4,140 x 0.728).
Municipal taxes are one item on a property owner’s tax bill, which also includes Monmouth County taxes and Matawan-Aberdeen Regional School District taxes.
The total amount of taxes an individual pays is determined by the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.
Borough officials have not yet posted the 2022 municipal budget on Matawan’s website. The full budget, as adopted, will list a line by line expense for all of this year’s appropriations.
