WALL TOWNSHIP — Township committee officials approved its township budget last Wednesday night, April 24, allocating some $49 million for municipal purposes that include salaries and inflation.
Some 47% of the proposed budget is allocated for nondiscretionary items including employee pensions, and 53% is allocated for discretionary items.
The municipal tax rate for 2024 is just under 50 cents per $100 of assessed property value, which is a 0.02% increase from the previous year. The average assessed value of a home in Wall Township is $492,700. This translates to a $10.79 annual increase for the average Wall Township homeowner, for a total municipal tax bill of $2,409.
The amount to be raised by local taxes is $31,165,475, an increase of $851,724 from the previous year — a 2.81% budget increase on the tax levy.
Despite said tax levy increase for this fiscal year, Wall Township operates within the state’s 2% tax levy cap, with a remaining margin of $3,617,997, Township Administrator Jeff Bertrand said at the committee’s budget hearing March 27. This cap law sets a ceiling on the yearly growth of property taxes imposed by local governments and school districts, limited to 2% or the inflation rate, whichever is lower. Additionally, the township adheres to the 2% appropriations cap, a surplus of $545,800 under the cap.
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