BELMAR — The borough mayor and council, after hearing a budget presentation and public hearing at their meeting Tuesday night, tabled the resolution to adopt the 2024-2025 municipal budget of $24,569,508.
The delay was ascribed to a technical issue with the state Department of Community Affairs. The budget adoption is expected to be included at the next council meeting, scheduled for Tuesday, May 28.
The budget presentation at Tuesday’s meeting was given by Chief Financial Officer Lorraine Carafa, who noted that this year’s budget was “a bit of a challenge to get it all put together in a timely manner.”
The proposed municipal tax rate would be estimated at $0.513 per $100 of assessed valuation, equating to an annual increase of $89, or $7.42 per month, for the averaged assessed home in the borough of $590,507. This is 3.01% increase from the previous year’s budget, which was a rate of $0.498.
The average municipal tax bill per residential property is estimated at $3,029. The average total tax bill per residential property is estimated at $8,497, which includes estimated county and school taxes, as well as library taxes.
The tax levy, the amount to be raised by taxes, is set at $9,134,327, which is an increase of $356,950.
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