Asbury Park Adopts 2024 Budget with Decrease in Municipal Tax Rate

ASBURY PARK, NJ – The City of Asbury Park has officially adopted its 2024 budget, following a public hearing at last week's Council Meeting. The $79,004,598.81 budget, which includes a substantial $20,000,000 grant from the State of New Jersey Boardwalk Preservation Fund, marks a significant financial plan for the upcoming fiscal year.

One of the notable changes in this year's budget is the decrease in the municipal tax rate, which has been reduced from 0.6 in 2023 to 0.545 for FY24, pending certification by the County. This reduction comes despite an increase in property values throughout Asbury Park, where the average home value rose from $524,426 in 2023 to $589,290 in 2024. The $64,864 average assessed value increase will lead to an average tax increase of $68 on the municipal portion of the tax bill.

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Mayor John Moor addressed the fiscal challenges faced by the City, stating, "Every year, the City is faced with an increase in hard costs from contractual obligations such as health insurance and pensions costs, as well as an increase in anticipated costs such as gas and electric. As City Council, our aim is to be fiscally responsible in managing these expenditures while also supporting policies to provide growth for Asbury Park and maintaining excellent services and programs for our residents and business community."

Councilmember Eileen Chapman highlighted the Council's ongoing commitment to financial prudence. "Over the years, this Council has had a strong commitment to fiscal oversight and conservative budgeting practices which has resulted in increased financial stability for our City," she said. "We are always mindful of our residents’ tax dollars and are pleased that the 2024 budget reflects day to day operations, sets spending boundaries, and fosters transparency and accountability in managing public funds."

The 2024 budget reflects Asbury Park's dedication to maintaining financial health while investing in critical infrastructure and services, ensuring a stable and prosperous future for its community.

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