MONROE – The rate to determine how much a property owner pays in taxes will not increase in 2019 after the township council approved the new municipal spending plan Monday night.
The 2019 tax rate for the municipal budget is 47.6 cents per $100 of assessed value. To estimate how much you will pay in municipal taxes divide the assessed value by 100. Then take that answer and multiply it by the tax rate, .476. For a house assessed at $300,000, the municipal tax bill is $1,428.
“This budget is the culmination of a year-long process with fiscally responsible decisions, careful negotiating and thoughtful planning at its core,” Mayor Gerald Tamburro said in a township press release on Tuesday. “All of which help to maintain Monroe’s position as the second lowest overall effective tax rate in Middlesex County and contribute to our AA+ bond rating.”
The adopted budget solidifies the mayor’s promise to approve a spending plan that did not increase the tax rate in 2019.
Though the tax rate did not change, the township will collect approximately $800,000 more in taxes, largely linked to new ratabels, Township Administrator Alan Weinberg said in a previous interview. In total the township will collect $39.9 million in taxes to support the $60.7 million municipal budget. Additionally, it will use $8.9 million from surplus to support daily operations.
The municipal government was also able to lower its health care cost through switching to the Horizon Blue Cross Blue Shield’s Omnia plan for new employees and allowing current workers to enroll.
The school district also recently approved its next budget. That plan would raise taxes on the average assessed home of $315,000 by $63.25.