Property taxes are set to rise “a fraction of a percent” in Little Silver this year, the Asbury Park Press reports Tuesday.

The owner of a home assessed at a borough-average $500,000 will see a $35 increase for the local portion of the overall levy, excluding school, Monmouth County and Open Spaces taxes, the Press reports.

From the Press’s Larry Higgs:

The Borough Council voted 5 to 0 Monday night to approve the $9.852 million budget which represents a 2.5 percent decrease. said Councilman Donald S. Galente. The 2011 budget was $10.104 million.

The estimated municipal tax rate is 51.8 cents per $100 of assessed valuation, a fractional increase from the 2011 rate of 51.1 cents per $100. That rate does not include local school, regional high school or county taxes.

“The average home (with an assessment of) $500,000 will see an increase of $35 a year (in the municipal portion of the tax bill),” said Mayor Robert C. Neff Jr.

Increases in some accounts were offset in the budget overall by cuts in personal through replacing some full time workers who retired with part-timers or with workers who are receiving lower salaries than some who left after many years of service, Galente said.