Red Bank City Commission holding special meeting to address property assessor's tax rate error

Mistake In Assessor's Office Leaves Red Bank With Sudden $762,286 Deficit

Red Bank City Commission holding special meeting to address property assessor's tax rate error

Red Bank Mayor Stefanie Dalton says this error is going to deprive the city of revenue that was included in the FY2025 budget.

Red Bank Faces $914,000 Budget Shortfall After Property Tax Error

Red Bank(WDEF)- A costly property tax mistake is hitting the City of Red Bank’s budget hard. City officials say the error stems from this year’s countywide property reappraisal. The city’s certified tax rate was miscalculated — set at 89 cents per $100 of assessed value instead of the correct $1 rate. That 11-cent difference cost the city nearly $914,000 in lost revenue. “It was a $914,000 mistake that’s going to impact the City of Red Bank sign…