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Red Bank outlines 2026 budget; levy held flat while assessments and insurance push average homeowner bill up $231
Summary
CFO Tom Seaman presented the proposed 2026 municipal budget for Red Bank, saying the municipal tax rate is unchanged but rising property assessments and large health-insurance and solid-waste cost increases mean the average homeowner could pay about $231 more next year. Officials plan to use $3.7 million in surplus and one-time revenues to temper the impact.
Tom Seaman, Red Bank's chief financial officer, presented highlights of the proposed 2026 municipal budget and told attendees the town kept its municipal tax rate the same as last year but that higher property assessments and rising benefit and contract costs will raise many homeowners' bills.
"We're going to be raising about the levy is going to be about over $64 million," Seaman said, then clarified that the municipality controls about 25% of the tax bill while schools and the county comprise the larger shares. He said the town's total assessed valuation is roughly $3.59 billion, up about 7.74% year over year, which alters how assessment increases translate into individual tax bills.
Seaman walked through mechanics the state requires for municipal budgets, noting that revenues generally must be estimated conservatively (not exceeding prior-year realizations)…
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