How much are Somerset's county tax bills going up?
SOMERVILLE - The Somerset County Board of County Commissioners has adopted a $265 million budget that will raise the county property tax bill by $63.41 on the average home assessed at $510,695.
The gross county tax bill may be going up, but the county rate - separate from municipal and school district tax rates - will be decreasing 2.62% from 30.85 cents per $100 of assessed value to 30.04 cents because of an overall rise in the county's property tax base.
The total assessed value of property in the county is $69.6 billion, up from $65.2 billion in 2022.
The Commissioners cut the total amount of money to be collected through taxes by $2 million from the levy amount when the budget was introduced in April.
“More than ever residents, businesses, and non-profits are relying on county government to provide the vital services and disaster recovery efforts that ensure Somerset County’s exceptional quality of life,” said Somerset County Commissioner Director Shanel Y. Robinson. “The Board of Commissioners is committed to ensuring these necessary programs are maintained at a high level while limiting the fiscal costs to our residents. This budget, like our other recent budgets, achieves these goals.”
The budget received final approval a week after after the largest credit rating agency, S&P Global Ratings, reaffirmed the county’s AAA rating, citing Somerset County’s “sound and strong management” and its “good financial-management policies.”
“The past few years have been challenging for everyone, and I am overwhelmingly proud of our county employees who have worked so hard to support our residents while experiencing the same challenges in their own lives,” said Commissioner Deputy Director Douglas Singleterry. “We are able to be so fiscally responsible in our budgets, and to truly do more with less when inflation is accounted for, because of the incredible people we have working for and with Somerset County.”
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The primary drivers of cost increases were health insurance debt service, and pension obligations.
The county continues to manage more than $10 million in deferred costs related to services Somerset County provided to municipal governments to recover from Hurricane Ida. Nearly all those deferred costs are expected to be reimbursed by FEMA and other federal agencies.
Email: mdeak@mycentraljersey.com
Mike Deak is a reporter for mycentraljersey.com. To get unlimited access to his articles on Somerset and Hunterdon counties, please subscribe or activate your digital account.
This article originally appeared on MyCentralJersey.com: How much are Somerset's county tax bills going up?
