Belmar Property Taxes Staying Flat This Year

Property taxes in Belmar, if all goes as planned, will remain flat for the second-straight year.

The Borough Council and mayor on Wednesday held a on the borough's proposed 2012 appropriations budget of nearly $14 million, and while expenses will rise $200,000 from last year, the borough remains well under their spending and tax caps allowing property taxes to remain flat for another year.

The proposed appropriations budget is $13,726,996 -- a would-be increase of $195,000 from last year -- which is $420,000 under the state-mandated 2 percent property tax cap and $532,000 below the borough's self-imposed 3.5 percent spending cap.

What all that means for the residential taxpayers in town is that none will see an increase on their municipal tax bills this year. 

This year's tax levy rate of 65 cents per $100 of assessed home value will translate to a $2,176.45 bill for the average homeowner, according to borough CFO Robbin Kirk. The average home value in Belmar is $335,000, Kirk said. 

This year, however, the municipal library tax bill will be issued seperately, Kirk said. That tax levy rate is 5.3 cents per $100 of assessed home value, which translates to another $177.55 bill to the average homeowner, Kirk said. 

Combined, the average homeowner can expect to pay $2354 in municipal property and library taxes. School and fire district taxes are not included in those estimates.  

The total proposed municipal tax levy for this year is $6,706,187.77, while the total proposed library tax levy is $546,000, Kirk said. 

Until Doherty took office in 2011, Belmar's property taxes had increased each of the previous 15 years.

"This year's budget, like last year's budget, has no tax increase for the second time for the residential and commercial property taxpayers in Belmar," Doherty has said.

The bulk of the proposed $195,000 appropriations increase comes from one-time repair projects to Borough Hall -- $71,000 to install air conditioning in the gym and $39,000 to build a senior citizens center in recently vacated office space.

Another item inflating the increase is a proposed $75,000 purchase of gasoline to be sold at marina pumps that would eventually become revenue, Doherty has said.

By state law, the borough must increase its library budget by 15 percent every year. In 2012, the library stands to receive an additional $71,500 in funding over last year's total.

On the revenue side, the borough expects to make an extra $67,000 in shared services than last year for a total of $330,000 -- the most in Belmar's history, Doherty has said.

But not everyone is singing praises. 

Republcan Councilman Jim Bean said that the borough is spending more than its taking in and shrinking its "rainy day" surplus to balance the budget. 

According to budget figures, the borough plans to use $1.3 million in surplus in 2012, but expects to replenish just $1.16 million by 2013. 

"While there is nothing improper in using the surplus, every time the borough dips into its surplus, there is less available for future emergencies," Bean said in a release. 

Officials have said they hope to adopt the 2012 budget in June.