FREEHOLD – The Borough Council has introduced a $16.8 million budget to fund the operation of Freehold Borough this year with a municipal tax rate that is expected to remain stable from 2018.
The 2019 municipal budget was introduced by council members on April 1. A public hearing on the budget will be held at 7 p.m. May 6 at the municipal building, 51 W. Main St. The council may adopt the budget that evening.
The $16.8 million budget, which can be amended prior to its final adoption, will be supported by the collection of $10.7 million in taxes from residential and commercial property owners. Other revenue includes $1.3 million in state aid and $1.6 million from surplus funds (savings).
Freehold Borough’s 2018 budget totaled $16.5 million and was supported by the collection of $10.5 million in taxes from the borough’s residential and commercial property owners. Other revenue included $1.3 million in state aid and $1.4 million from surplus funds.
In 2018, the municipal tax rate was 99.1 cents per $100 of assessed valuation. The average home was assessed at about $255,000 and the owner of that home paid about $2,527 in municipal taxes.
For 2019, the municipal tax rate is projected to remain stable at 99.1 cents per $100 of assessed valuation. The average home in the borough is now assessed at about $261,000 and the owner of that home will pay about $2,586 in municipal taxes.
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.
An individual pays more or less in taxes depending on the assessed value of his home and/or property, and the tax rate that is set by each taxing entity.