A slide from the 2025 municipal budget presentation. (Click to enlarge.)
By BRIAN DONOHUE
With inflation and the rising cost of, you know, everything, there’s not many expenses in the average household budget only going up two percent a year these days.
So Red Bank officials were proudly touting their achievement last week when they unveiled a 2025 budget that sticks to that level of an increase in the amount of money taxpayers will pay for borough services.
The budget raises $15.2 million from local taxpayers to fund municipal operations, up two percent from last year.
The owner of a home assessed at the average value of $600,000 will pay an additional $109 for the municipal portion of their tax bill, according to figures presented at a budget presentation last week. The total property tax bill for the average home in the town is now $10,573. About $2,755 of that goes to support municipal operations, including police, public works, recreation and debt payments on capital projects.
“It’s a very efficient budget that I know I am pretty proud of doing, seeing the rising costs across the country and the challenges with all the projects we are doing,” Borough Administrator Jim Gant said at the annual budget presentation. “A two percent budget increase.. is extremely conservative given all the things we’re up against.”
Revenues include a $1.25 million payment from a tax lawsuit settlement with Riverview Medical Center. By the terms of that settlement, that money must go to health and safety programs.
RED BANK/RIVERVIEW SETTLEMENT: WINDFALL OR TAXPAYER HOSING?
Red Bank CFO Thomas Seaman said he was spacing that settlement money out over several years and allocating it to first aid and fired department costs in accordance with the terms of the settlement.
Also of note, the total value of assessed property in Red Bank continues to soar, rising nine percent last year.
Rising property values have reduced the actual municipal tax rate, but are a key factor in the reduction of state school aid that could more dramatically effect the other portion of residents’ tax bills.
As redbankgreen reported last week, the amount local taxpayers are expected to be asked to pay to support Red Bank’s Middle and Primary Schools could go up by 13 percent, largely to cover shortfalls in state aid.
School taxes make up a larger portion of tax bills, with 35 percent going to the local school district and 25 percent going to support Red Bank Regional High School.
redbankgreen editor Brian Donohue may be reached via email at [email protected] or by calling or texting 848-331-8331 or yelling his name loudly as he walks by. Do you value the news coverage provided by redbankgreen? Please become a financial supporter if you haven’t already. Click here to set your own level of monthly or annual contribution.
