UPPER FREEHOLD – The Township Committee has adopted a $5.76 million budget to fund the operation of Upper Freehold Township during 2018. The budget was adopted by committee members following a public hearing on April 12.
The budget will be supported by the collection of $2.96 million in taxes from Upper Freehold’s residential and commercial property owners. Other revenue includes $1.34 million from surplus funds (savings) and the receipt of $518,481 in state aid.
Upper Freehold 2017 budget totaled $5.5 million and was supported by the collection of $2.79 million in taxes from property owners. Other revenue included $1.25 million from surplus funds and $518,481 in state aid.
In 2017, the municipal tax rate was 22.9 cents per $100 of assessed valuation. The average home in Upper Freehold was assessed at $464,100 and the owner of that home paid $1,063 in municipal taxes.
In 2018, the municipal tax rate is projected to be 23.7 cents per $100 of assessed valuation and the average home is estimated to be assessed at $473,400. The owner of that home will pay $1,122 in municipal taxes.
If an individual’s home was assessed at $475,000 in 2017 and is still assessed at $475,000 in 2018, his municipal tax will increase from $1,088 to $1,126.
Individuals pay taxes based on the assessed value of their home and property, and tax rates established by taxing entities. Municipal taxes are one component of a property owner’s tax bill, which also includes Monmouth County taxes, Upper Freehold Regional School District taxes and other assessments.
The 2018 municipal budget includes the following appropriations: debt service, $1.7 million; reserve for uncollected taxes, $1 million; general government, $622,655; public safety, $604,111; insurance, $423,255; capital improvements, $273,000; public works, $258,630; deferred charges/statutory expenditures, $257,804; code enforcement and administration, $182,670; and utilities: $114,000.
