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Eatontown Budget Approved, Tax Rate Up 2.5 Cents

EATONTOWN: The municipal budget has been adopted by the borough council, and as a result, the municipal tax rate will increase by 2.5 cents over last year.

The budget totals $23,359,006 and of that amount, the portion to be raised by local taxes is $15,917,722, an increase of 2.9 percent over 2013 total.

The proposed 2014 tax rate is 78.6 cents per $100 of assessed value, which represents an increase of 2.5 cents over the 2013 rate. The owner of a home valued at the borough average of $300,000 will pay $2,358, an increase of $75 over the 2013 amount of $2,283. The 2013 rate increased by $167 over the 2012 rate.

Eatontown Mayor Gerald Tarantolo thanked the council for their hard work on the 2014 municipal budget.

"I think we have a very stable budget," Tarantolo said.

Eatontown Councilman Anthony Talerico said their have been no changes to the budget since it was introduced in March.

To read more about the budget, click here.

Read more from: Eatontown

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