WALL TOWNSHIP — The Township Committee adopted the 2022 municipal budget during the public business meeting on April 27 and held a public hearing for residents to comment.
The approved budget for 2022 is $44,840,2776, which is a 1.66 percent increase from last year’s budget of $44,108,272.
The portion of the total proposed 2022 budget supported by taxation is $29,163,039, or about 65 percent of the total budget. In 2021, this number was approximately 64.5 percent
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The 2022 budget is under the two percent tax levy cap by $4,787,199 or 8.26 cents in the tax rate. In addition, it is also under the two percent appropriations cap by $1,468,162.
The proposed tax increase from 2021 to 2022 is $.005, making the 2022 proposed tax rate roughly half a cent or $.475, a 1.06 percent increase.
The average assessed house in Wall Township is valued at about $486,800. One cent of taxation on the average homeowner costs $48.68. When applied across the township, it means $614,466 in the deposit to Wall Township as revenue for every one-cent increase.
With the tax rate increase of .005 on the average assessed property, the cost of municipal services would increase by $24.34 annually, making the total municipal taxes on an average assessed home $2,312.30 yearly.
The projected 2022 non-tax revenues amount to $15,677,237.90, an increase of $20,796 from last year, or a .13 percent increase.
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