Red Bank staff: incorrect certified tax rate will create roughly $762,000 FY‑26 shortfall
City staff told commissioners an error in the certified tax rate supplied during the 2025 reappraisal will reduce expected property tax receipts and create a projected FY‑26 budget gap of about $762,286; staff and commissioners said they will continue discussions and seek updates from state officials.
The full story
Mister Grama, a city staff member, told the Red Bank City Commission that the certified tax rate (CTR) provided during the 2025 reappraisal was incorrect and that the error creates a substantial revenue shortfall for the fiscal year 2026 budget. "The magnitude of the mistake, unfortunately, is $914,603," Grama said, and he gave a separate figure for the FY‑26 budget gap: "This is a loss of $762,286."
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.
Keep reading for free
Create a free account to finish this story and see the video, transcript and key details.
Continue with GoogleContinue with emailAlready have an account? Log in