Holmdel 2020 Initiative: How Much Will Your Property Taxes Go Up?

HOLMDEL, NJ — As Holmdel schools superintendent Dr. Robert McGarry continues to ask Holmdel residents to approve the Holmdel 2020 Initiative, the district released stats this week on how much property taxes will go up to pay for it:

The Holmdel 2020 referendum is a wide-ranging series of planned improvements to Holmdel public schools. Many of the projects are planned building- and infrastructure-improvements. For example, the gyms at Village and Indian Hill will get new wooden floors. The turf will be replaced at Roggy Field. A new first-ever Robotics Room will be added at Satz. But that is only the tip of the iceberg. Other more costly projects include putting a new roof on Holmdel High School, renovating locker rooms at Satz and creating space for full-day kindergarten to come down the road.

Holmdel residents will be asked to vote on the Holmdel 2020 Initiative at a Sept. 26 public referendum. Polls will be open from 4-8 p.m. on Tuesday, September 26.

The total cost of the referendum is $40.3 million. If it passes the Towship-wide vote on Sept. 26, make no mistake: The school portion of your property taxes will go up. But not by much, the school district promises. The Holmdel school district released these anticipated property tax increases if the Holmdel 2020 Initiative goes through:

Assessed Value of Home In Holmdel:

$300,000: $72 yearly property tax increase

$400,000: $97 yearly property tax increase

$500,000: $121 yearly property tax increase

$600,000: $159 yearly property tax increase

$700,000: $169 yearly property tax increase

The estimated tax impact, if voters approve the referendum, will be a $159 net increase on the average assessed home (a home assessed at $657,288 in Holmdel).

“This is a smart time for the district to be considering these enhancements as we are retiring debt from bonds that previously funded additions and renovations to our schools in 1996 and in 2001,” said Holmdel superintendent Dr. McGarry. “These new projects are also eligible for over $9.5 million in debt service aid from the state, lessening the financial burden on the community."

With the current low interest rate environment, the timing of this particular referendum is especially financially prudent, he added.

All the projects that will happen under Holmdel 2020 can be found on this website, created by the school district: https://sites.google.com/holmd...

Past Holmdel Patch reporting: Holmdel 2020: Holmdel Residents Asked To Approve $40M School Improvement Plan