Dear Fellow Taxpayer:
The Monroe Township tax bills will be mailed next week and will include stubs for the final third and fourth quarter property taxes of 2023, as well as estimated 2024 first and second quarter property taxes.
Municipal Rate Flat
Despite increasing inflation, I am pleased to report our final municipal budget maintains a flat municipal tax rate of $.489 per $100 assessed value. This is the third consecutive year that we have held the line on the municipal tax rate, continuing my focus on affordability and stable property taxes. Water and sewer rates will also remain the same in 2023.
ANCHOR Property Tax Relief Renewed
One of my primary goals as Mayor was to convince the state to increase property tax relief for Monroe’s residents by expanding the former Homestead Rebate into the new ANCHOR program. The ANCHOR program was available to all residents (making less than $250k) and provided tax relief checks up to $1,500 earlier this year.
I am pleased to report that ANCHOR was renewed in the 2023/2024 State Budget. We expect ANCHOR applications will open later this fall (2023) and we will again inform and assist residents with the application process.
ANCHOR Property tax relief checks will again be up to $1,500 for those eligible. This year, residents over age 65 can apply for up to $1,750 in property tax relief.
Stable Taxes
Since 2020, the overall Township-wide tax rate has been stable. This is the direct result of our efforts to secure additional state school funding, federal grants, and increased commercial ratables, while steadily reducing municipal debt.
Monroe Township continues to have the second lowest tax rate of the 25 municipalities in Middlesex County.
Managing Inflation
2023 has been a challenge for everyone with inflation increasing 8.7%. Despite inflation of 8.7%, our overall 2023 tax rate increase is approximately 1.7% (under 2.0%). This comprises the county, municipal, school and fire districts taxes.
Let me highlight the one tax rate that is increasing the most as part of the approximately 1.7% increase in our overall tax bill. The County portion of the bill is up 1.1%, due in large part to the appreciation of existing homes (home sales over the past year) in Monroe as compared to existing homes in the other 24 towns in the County. In short, our county tax rate is higher because of our faster-rising home values, demonstrating our success as being a popular and attractive town to live in.
Questions
The tax collector asked me to highlight two questions that her office often receives when tax bills go out.
1. (Q) Why are the 3rd and 4th Quarter (Aug/Nov) bills higher than the 1st and 2nd Quarter bills?
- (A) As per state law, the first two quarters of the year are estimated based on the previous year’s tax rate (2022). So if there is an increase, in this case a 1.7% total annual increase, there are just two quarters to collect that increase for the County, School Tax, etc.
2. (Q) Why do you say “approximately” a 1.7% increase?
- (A) Monroe has three separate fire districts, so each rate depends on their annual budget.
Tax Payment Due Sept. 6th
Residents will have 25 days from the mail date to submit their payment for the 3rd quarter. The grace period has been extended to Wednesday, September 6th, after which interest will begin to accrue from the beginning of the third quarter.
Sincerely,
