MANASQUAN — The $34 million municipal budget for 2023 was adopted at the borough council meeting on Monday, May 15.
The average home assessment in Manasquan is $650,365. “For the average assessed home, the approximate municipal portion of a resident’s tax bill is $2,562,” according to Amy Spera, certified municipal financial officer. This is an $85 increase from last year’s municipal tax bill.
According to the town’s online “user-friendly” budget, the total estimated amount to be raised by taxes is $8,129,638, compared to last year’s $7,838,190.
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“The amount to be raised for taxation for the Borough of Manasquan has increased by $291,448.26, which establishes this year’s tax rate at $0.394 per hundred [dollars] of assessed value,” said Ms. Spera.
“Each year when we are preparing our budget, the state comes out and gives us a certain percentage we are allowed to increase our in-cap budget appropriations over the prior years,” she explained.
“This year, the cost of living adjustment was at 2½ percent, but they also allow us to introduce and adopt an ordinance that will actually allow us to go up to 3½ percent over the prior years. What this ordinance does is that it allows us to increase our appropriations up to that 3½ percent, so if we don’t go up to that 3½ percent, the difference gets to be banked and used into future years if needed,” she said.
This simply means that the town is able to increase the budget in line with what the state has put forward. This ordinance would exceed municipal budget appropriation limits and establish a cap bank.
For a full breakdown of the budget and the user-friendly budget, visit manasquan-nj.gov/finance-department/pages/annual-budgets.
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