LONG BRANCH: The municipal portion of the city's budget was introduced by the Long Branch Council this week and shows a tax increase.
"The taxes are up 2.5 cents (per $100 of assessed value) which means approximately a $90 (increase) to the average taxpayer of a $375,000 home," Long Branch Chief Financial Officer Ron Mehlhorn said at the May 12 Long Branch Council meeting.
The 2015 Long Branch budget totals $54.4 million, of which $35.8 million will be paid by local taxes. That means that the owner of the average borough home of $375,000 would day $3,344 in taxes in 2015 under the proposed budget.
A half cent of the increase is due to a $200,000 increase in the city's operating budget and the remaining two cents is "totally due to the drop in the ratable base."
"We lost $88 million worth of ratables," Mehlhorn said. "They didn't go away, they were just reduced by the county."
This was a result of the county's new procedure which requires the city's tax assessor to look at all the assessments in the city each year and reassess them according to market value changes in the city. The old system involved setting assessments when a revaluation occurred every few years. This is the first year for the new county system.
The municipal budget is expected to adopted at a future council meeting.
The 2015-15 Long Branch School District budget was adopted by the Long Branch Board of Education last month and totals $95.3 million, an increase over last year's budget of $93.2 million.
The budget carries a 7 cent tax increase and a tax rate of .077 cents per $100 of assessed value.
For the owners of a home valued at $365,000, it's a $23 per month increase.