Matawan Introduces $10.6 Million Municipal Budget

The Matawan Borough Council introduced a $10,606,136.50 municipal budget for 2012 at their March 20 meeting, which is a $350,788.57 increase from the 2011 municipal budget.

The tax levy, including $335,420 in taxes to support the Matawan Aberdeen Public Library, is $7,719,470. This is an increase of $267,814 from the 2011 municipal tax levy, which was $7,451,655. However, the borough is still under the allowable 2.5% tax levy cap by $777,304.

The increased amount to be raised by taxes in conjunction with decreased property values results in a tax rate of 70 cents per $100 of assessed home valuation. This means that the owner of an average home in Matawan, valued at about $330,000, would pay an additional $99 a year in municipal taxes. The 2011 municipal budget had a tax rate of 67.4 cents per $100 of assessed home valuation.

The 2012 budget includes an additional $30,000 for capital improvements and an additional $289,934 in debt service.

A public hearing will be held on the proposed 2012 municipal budget at the borough council's April 17 meeting.