The average Neptune property owner will see an almost $40 drop in their 2019 municipal taxes under a budget introduced by the Township Committee this week. The public hearing on the budget is scheduled for on April 22 when a special presentation will be given.
The total $45,056,166 budget, with a $30,231,646 tax levy, or the amount to be raised through taxation, is up slightly from last year’s $44,668,204 total, which had a $29,638,869 tax levy. However, even with the slight overall increase, the average homeowner will pay $39.97 less in municipal taxes than last year.
“The slight increase in the budget and tax levy are due to getting a little less in grants and increased police pension costs but the township’s growing tax base is the reason for the reduction in the tax rate,” Chief Financial Officer Michael Bascom said.
The municipal-purpose tax rate is dropping from 75.9 cents to 74.7 cents for each $100 of assessed valuation, with the average home assessed at $326,950.
“The tax rate went down a little last year as well,” Bascom said.
The governing body applied $2,595,000 in surplus to offset expenses, the same amount as last year. Almost $1 million remains in surplus. The tax collections rate is at 98.6 percent.
Bascom said state aid to Neptune has been frozen at $4,997,454.
“It should be well over $10 million by now,” he said.