Eatontown Municipal Budget Adopted, Taxes Will Rise This Year

The Eatontown Council has introduced the 2013 municipal budget which calls for taxes to raise in the borough this year.

The 2013 budget totals $23,051,024 and represents a $447,830 increase over the 2012 budget.

The amount to be raised by taxation is $15,459,728 and is under the allowable local property tax cap by $4,716. The amount to be raised by local taxes has increased by 4.97 percent for a total of $732,305.

The tax rate is 76.1 cents per $100 of assessed value, an increase of 5.5 cents over the 2012 tax rate of 70.6 cents.

For a borough home valued at $305,000 in 2013, the taxes will be assessed at $2,321 of local municipal taxes. This represents an increase of $167.75 over the 2012 amount of $2,153.

The capital budget totals $1,152,215 and includes planned projects for road and building improvements as well as the planned acquisition of vehicles and equipment.

For more information on the 2013 budget, which was detailed when it was introduced in March, click here.