Colts Neck Residents Will See a 4.4% Municipal Tax Increase

The municipal budget in Colts Neck is estimated to increase 4.4 percent when compared to last year.

Business Administrator Bob Bowden said the state's two percent cap on tax raises have exceptions, such as health insurance, pension and disasters such as Hurricane Sandy.

In total, the Colts Neck Township budget equals $10,991,903. For an average home assessed at $800,000, that means a $72 increase.

Overall, when considering county and school district taxes, Colts Neck residents will see an estimated 2.2 percent increase as the bottom line of their tax bills.

State aid has remained flat a $1.9 million, as it has for most municipalities in New Jersey. Colts Neck administrators will rely on a little over $6 million to be raised by taxes. 

According to a public address given by Mayor Michael Fitzgerald, major expenses which caused a budget increase included a $57,000 health insurance increase and a curbside recycling increase of $24,500.

Of course, Hurricane Sandy put a dent in budget appropriations. The township made an emergency appropriation of $2.5 million, however Bowden said the township has spent about $2.2 million. Colts Neck expects to have 75 percent reimbursed by FEMA.

The township's legal budget has been reduced by $40,000, and pension budgets have been reduced for both township employees and police.

A public hearing on the budget is scheduled for April 24 at 7:30 p.m. in Town Hall.