The total amount of taxes an individual pays is based on the assessed value of his home and/or property and the tax rate that is set by each taxing entity.Ī decrease in the municipal tax rate – such as is occurring in Howell this year – does not necessarily mean an individual will see a decrease in the municipal property taxes he pays. Property owners also pay Howell K-8 School District taxes, Freehold Regional High School District taxes, a fire district tax and Monmouth County taxes. Municipal taxes are one item on a property owner’s total tax bill. The average home is now assessed at $416,890 and the owner of that home will pay about $1,493 in municipal taxes (0.3582 x 4,168). In 2022, Howell’s municipal tax rate is projected to decrease to 35.82 cents per $100 assessed valuation. The average home was assessed at $371,527 and the owner of that home paid about $1,434 in municipal taxes (0.386 x 3,715). In 2021, Howell’s municipal tax rate was 38.6 cents per $100 of assessed valuation. Officials appropriated $7.28 million from the surplus fund to be used as revenue in the budget.įrom 2021 to 2022, total appropriations have increased by $100,000 and the tax levy has increased by $1.08 million. In 2021, council members adopted a $55.45 million budget that was supported by the collection of a $29.2 million local tax levy. Municipal officials said that in the $55.56 million budget, $25.3 million will be appropriated to salaries $24.9 million will be appropriated to non-discretionary other expenses and $4.7 million will be appropriated to discretionary other expenses. Officials will appropriate $4.86 million from surplus funds (savings) to be used as revenue in the budget. The 2022 budget will be supported by the collection of $30.28 million in a local tax levy to be paid by Howell’s residential and commercial property owners.
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