Schools

Matawan Aberdeen School Budget Approved with 1.5% Tax Levy Increase

The school tax rate will increase to $1.598 in Aberdeen and $1.472 in Matawan.

The Matawan Aberdeen Board of Education approved an approximately $68.1 million budget for the 2013-14 academic year at a their March 21 meeting. 

The $68,154,682 total budget includes a $64,745,927 operating budget, an increase of about $4.9 million from 2012-13, and $2,438,305 in debt service, a decrease of about $35 thousand. The tentative budget calls for a $682,849 increase to the tax levy from the 2012-13 year for a total of $46,206,109 to be raised by taxes.

The tax rate is determined for each municipality with a formula that considers their respective assessed valuation of the entire municipality in conjunction with the total school taxes. According to DeGeorge, the total assessed valuation of both municipalities decreased from 2012. When the assessed valuation of a municipality decreases, taxes increase as there is less wealth to spread around. 

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Under the proposed budget, the school tax rate in Aberdeen would increase $0.036 to $1.598 per $100 of a property's assessed valuation. For example, a property assessed at $300,000 would be responsible for $4,794 in school taxes for the year. This would be an increase of $108 a year from the 2012-13 approved budget or an increase of $9 a month.

The school tax rate in Matawan would increase $0.009 to $1.472 per $100 of a property's assessed valuation. For example, a property assessed at $300,000 would be responsible for $4,416 in school taxes for the year. This would be an increase of $27 for the year from the 2012-13 approved budget or an increase of $2.25 a month. 

Find out what's happening in Matawan-Aberdeenwith free, real-time updates from Patch.

To learn more about the budget and the programs and initiatives it supports, click here.


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