BOROUGH TRIMS A PENNY FROM LOCAL RATE
Red Bank’s property tax won’t rise as much as expected this year.
Councilman Mike DuPont, chair of the council’s finance committee, says a penny has been trimmed from the increase anticipated as recently as two weeks ago.
That means the owner of a residential property assessed at the borough-average $401,000 will pay 1.4 cents more per $100 of value than last year, or a full-year increase of $56.50, DuPont said following the formal introduction of the $20.8 million spending plan Wednesday night.