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Red Bank staff: incorrect certified tax rate will create roughly $762,000 FY‑26 shortfall
Summary
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.
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."
The issue stems from the CTR produced as part of the state reappraisal process. Grama explained the assessor of property and the State Board of Equalization initially presented a revenue‑neutral CTR of 0.8968; later…
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