Articles Taxes and budget
Franklin's 2026 Budget and Your Tax Bill, Explained
Who sets each part of a Franklin tax bill; what the 2026 municipal budget raises and spends; how it passed, vote by vote; the Mayor's list of increases and cuts; surplus, audits and debt; the bond and open-space ordinances; the school budget and state aid; open tax appeals; where the records differ; and what residents can do.
The short version
- Franklin’s 2026 municipal budget is $75,455,645.64. It raises $41,722,842 in property taxes for municipal purposes, $2,729,532 (7.00%) more than in 2025.
- The municipal rate went from 0.234 to 0.240 per $100. The whole general rate, including school and county, is 1.745 for 2026 (1.678 in 2025).
- The Council adopted the budget 9–0 on May 26, 2026. No member of the public spoke at the two March budget hearings.
- The township’s figure for the municipal tax on the average home is $1,374.10, up $74.26.
- The school district’s levy is the largest part of the bill. The Board of Education, an elected body separate from the Council, sets it.
Who sets each part of your bill
Each body adopts its own budget, and the county tax board turns the levies into rates.
| Part of the rate (per $100) | 2025 | 2026 | Set by |
|---|---|---|---|
| Local school district | 1.064 | 1.116 | Franklin Board of Education |
| County | 0.299 (with county open space) | 0.276 | Somerset County |
| County open space | 0.030 | Somerset County | |
| Municipal purpose | 0.234 | 0.240 | Township Council |
| Municipal open space | 0.050 | 0.050 | Township Council |
| Municipal library | 0.030 | 0.033 | Township Council (the minimum library tax) |
| General tax rate | 1.678 | 1.745 |
Sources: the county’s 2026 Abstract of Ratables (effective rate 1.743) and the state’s 2025 property tax data. The 2025 parts as printed add to 1.677; the published 2025 rate is 1.678. The township’s audit gives the rate as 1.868 in 2023 and 1.748 in 2024. Net taxable value for 2026 is $17,366,428,200.
In 2025 the municipal share was 13.41% of all levies, the school district 61.11% and the county 15.54%, according to the township’s user-friendly budget. On September 8, 2026 the Mayor said “the township controls only 13% of the total tax bill.”
Fire districts are billed separately. The 2026 levies are District No. 1 $5,837,989 (rate 0.060), No. 2 $1,829,805 (0.048), No. 3 $2,596,112 (0.071) and No. 4 $48,410.05 (0.049). The Hamilton Street Special Improvement District assesses $34,000 on its 99 properties.
For the average home. The township’s average residential assessment is $572,541 for 2026 ($555,485 in 2025). At the 2026 general rate of 1.745, that is $9,990.84 before fire district tax (LocalWhy’s arithmetic). The state puts the 2025 average residential property tax at $9,330.23 on an average residential value of $556,178. A single home’s bill moves with its own assessment.
The 2026 municipal budget
| 2025 | 2026 | |
|---|---|---|
| Total appropriations, current fund | $74,631,121.48 (final) | $75,455,645.64 (adopted as amended) |
| Raised by taxes, municipal purposes | $38,993,310 | $41,722,842 |
| Minimum library tax | $5,069,958 | $5,774,647 |
| Open Space Trust Fund levy | $8,348,749.97 | $8,683,214.10 |
| Surplus used as revenue | $11,928,230.81 realized | $10,322,254.11 anticipated |
| Reserve for uncollected taxes | $5,200,000 | $5,500,000 |
| Municipal tax on the average home | $1,299.83 | $1,374.10 |
Other revenues the budget counts on include the hotel tax ($1,203,634.16 realized in 2025), the cannabis tax ($555,347.36 in 2025), PILOT payments ($382,512.30 in 2025; $382,000 anticipated in 2026) and $100,000 from the Sewerage Authority. In 2025 the township collected 99.01% of its levy.
The Mayor’s budget review. A document posted on the Finance page, “Mayors Budget Review 2026,” itemizes changes and says its amounts are “rounded and sometimes approximate”:
- Increases include health care $1,067,000, recycling and trash $460,000, salaries $532,000 and snow $250,000, with state aid down $239,000; the total is $3,373,000, shown as “8.4” on its municipal tax percentage scale.
- Cuts include operating reductions of $1,170,000 and eight positions, $503,000.
- Offsets include cannabis revenue of $450,000 and use of $3,440,000 from a medical benefits reserve trust.
- Capital deferred includes municipal solar ($8,600,000), a salt barn ($650,000) and a DPW addition ($375,000).
- It lists “Tax appeal reserve not adding to fund ($2.7M in fund) $500,000.”
How the budget passed
| Date | Step | Vote |
|---|---|---|
| December 9, 2025 | Res. 25-501 makes the 2026 budget hearings remote meetings | Consent 7–0 |
| March 9 and 17, 2026 | Remote budget hearings: department heads present line-item and capital requests; no public comment | — |
| April 14, 2026 | Emergency temporary appropriations (Res. 26-178) and fire district levies (Res. 26-171 to 26-174) | Levies on consent and Res. 26-178 voted separately, 7–0 each (Kramer, Wright absent) |
| April 28, 2026 | Budget introduced (Res. 26-180); cap ordinance 4502-26 and bond ordinances 4504-26 and 4505-26 introduced | No minutes posted; votes not in the record |
| May 12, 2026 | Ord. 4502-26 (cap: 3.5% increase), Bond Ord. 4504-26 ($8,049,100), Bond Ord. 4505-26 ($4,588,000, water) and Ord. 4506-26 ($293,500, open space) adopted after hearings with no public comment | 6–0 each (Anbarasan, Francois, Uddin absent) |
| May 26, 2026 | Budget read by title (Res. 26-220), amended (Res. 26-221) and adopted as amended (Res. 26-222) | 9–0 each |
The May 26 amendment added a Clean Communities grant ($166,379.29), changed the Summer Food grant from $5,164.40 to $5,069.20, and raised the water surplus used from $2,429,226.00 to $2,474,476.14. At the hearing three residents, not named in the minutes, spoke about the meeting notice, school board budget increases and taxes, and the next Board of Education meeting; the Mayor said “state mandates influenced the school board’s decisions to raise taxes.” In general public discussion Maryann Riley spoke about Board of Education and Council meetings held the same evening, “hindering public participation and oversight of taxes.”
What residents and officials said about taxes
- October 28, 2025. Eugene Waltz “questioned paying school taxes without school-age children.” Mayor Kramer “criticized property taxes as a mechanism for school funding, advocating for a means-based tax.” Mr. Vassanella described a state senior program (as minuted: a 50% reduction up to $6,500, filing by October 31).
- February 10, 2026. A resident “noted that property taxes have increased and questioned what additional value residents are receiving.”
- September 8, 2026. Kyle Aspen “criticized property tax increases, citing unaffordability for families” and questioned budget management; Faisal Nour “expressed concern over property tax increases”; Maureen Taylor asked about cannabis “revenue offset for taxes.” The Mayor said “township taxes have grown at roughly half the rate of inflation.” LocalWhy has not checked that statement against figures.
- October 13, 2026. Kiki Anatasakos “Questioned the 40-year PILOT agreement, the lack of school district funding from PILOT money, and the destination of PILOT funds”; the Council’s reply was that the structure “is intended to incentivize development while protecting school budgets.” The PILOTs themselves are covered under redevelopment and PILOTs.
Surplus, audits and the assessor
- Fund balance. The current fund held $21,501,333.20 at December 31, 2025 ($21,667,108.34 a year earlier). The Cash Management Plan adopted January 3, 2026 (Res. 26-007, 9–0) sets a goal that “a Fund Balance of at least $20 million should be maintained, unless an emergency occurs.”
- Audits. On November 10, 2025 the Council certified the CY2024 audit and adopted a corrective action plan on two recommendations: dispose of old grant balances and liquidate interfund balances (Res. 25-479 and 25-480, 9–0). The CY2025 audit lists one recommendation, the old-grant item again, marked as a prior-year recommendation.
- Cancelled balances. On December 9, 2025 the Council cancelled completed-project balances of $2,803,287.31 (general capital), $2,894,108.24 (open space) and $45,297.57 (water capital) (Res. 25-500).
- Assessor. On February 10, 2026 the Council confirmed John Gillooly as Tax Assessor, the tenured assessor having retired, and Catherine Gantner-Wilbur as Deputy Tax Assessor.
Debt and capital spending
The Annual Debt Statement for December 31, 2025 shows gross debt of $168,221,133.12 and net debt of $72,601,071.10, or 0.465% of the $15,612,300,598.67 equalized valuation basis. After the 2026 bond ordinances, the April 24, 2026 Supplemental Debt Statement puts net debt at $78,481,034.33, or 0.503%.
| Ordinance | Purpose | Amount | Adopted | Vote |
|---|---|---|---|---|
| 4504-26 | General improvements: roads and sidewalks, IT, DPW and police vehicles and equipment, buildings | $8,049,100 ($6,979,145 borrowed) | May 12, 2026 | 6–0 |
| 4505-26 | Water utility | $4,588,000 | May 12, 2026 | 6–0 |
| 4506-26 | Open Space Trust: mowers, park and pool equipment, Senior Center pavilion | $293,500 | May 12, 2026 | 6–0 |
| 4512-26 | Open Space Trust: Collins Property, 4301 Route 27 | $426,721.40 | June 23, 2026 | 9–0 |
| 4514-26 | Open Space Trust: 287 Cedar Grove Lane | $5,460,000 | July 14, 2026 | 8–0 |
| 4519-26 | Open Space Trust: Catalpa Park | $1,380,000 | September 22, 2026 | 6–0 |
The open-space purchases are covered in more detail under open space and farmland.
The school budget and state aid
The Franklin Board of Education adopted its 2026–27 budget on April 28, 2026. TAPinto reported the budget resolution’s figures: a total of $246,584,575 and a tax levy of $201,112,405, with an estimated school tax on the average home rising $481, from $5,912 to $6,393. The state’s FY2027 aid figures show Franklin’s district receiving $21,456,294, up $970,707 (4.74%), with $0 in equalization aid. TAPinto reported the district’s explanation: the state’s measure of Franklin’s local “fair share” ($200,456,802) exceeds its adequacy budget ($198,766,023). There is no school referendum on the November 3, 2026 ballot.
Open tax appeals
The state Tax Court’s list of open local property cases, retrieved October 29, 2026, shows 91 open dockets involving Franklin. Business entities brought 83, individuals 4, and the township 4. By assessment year, 40 dockets are for 2026 and 25 for 2025. The list gives no assessed values or amounts in dispute.
Appellants with three or more open dockets:
| Appellant, as listed | Open dockets | Years |
|---|---|---|
| SHI International Corp. | 8 | 2023–2026 |
| Verizon-New Jersey % Duff & Phelps | 8 | 2025–2026 |
| RH 100 Franklin Square Drive, LLC | 4 | 2021–2024 |
| Rukh Somerset Warehouse Properties | 4 | 2023–2026 |
| L’Oreal USA, Inc. | 4 | 2023–2026 |
| Cozzoli Enterprises, LLC | 3 | 2024–2026 |
| Vliet 27, LLC by Stop & Shop Supermarket Co. as tenant | 3 | 2024–2026 |
| National Retail Properties, LP c/o Walgreens | 3 | 2024–2026 |
| Hamilton Street Management, LLC | 3 | 2023–2025 |
One township-filed appeal is Franklin Township v. RDG at Franklin, LLC (2026010039, entered August 24, 2026). The township’s tax appeal refund reserve held $2,690,553.46 at the end of 2025; the 2026 budget adds $5,000 to it, against $750,000 a year in 2020–2022.
Where the records differ
Each item is given as the record states it. LocalWhy draws no conclusion.
- Fire District No. 2 rate. Res. 26-172 (April 14, 2026) directs a levy “at a rate of .0498.” The county’s abstract shows 0.048.
- Average residential value, 2025. The township gives $555,485; the state’s property tax data gives $556,178. Each is an official figure, calculated differently.
- The budget increase. The Mayor’s review lists a “Budget increase” of $1,093,000. The introduced budget’s total appropriations are $75,289,361.55, against $74,631,121.48 final for 2025. The review says its amounts are “rounded and sometimes approximate.”
- Fund balance at the end of 2025. The CY2025 audit gives $21,501,333.20. The introduced 2026 budget (April 2026) prints the current fund surplus at December 31, 2025 as $21,123,846.12.
- The PILOT term raised on October 13. The minutes record a question about “the 40-year PILOT agreement.” Ord. 4520-26 ties the tax exemption to the period the project “remains subject to affordability controls,” and Res. 26-415 says the property will be deed restricted “for at least thirty (30) years.”
What is not known
- The April 28, 2026 votes introducing the budget and the bond ordinances; that meeting has no minutes posted.
- The dollar value of the open tax appeals, and of county tax board appeals.
- Whether a revaluation or reassessment is planned.
- How much of the surplus used in 2026 will regenerate; the user-friendly budget flags fund-balance use as a structural item, but the amount is not legible in the posted copy.
What residents can do
- Speak at a Council meeting: November 10, November 24 and December 8, 2026, 7:00 p.m., 475 DeMott Lane. The 2027 budget hearings, if held as in 2026, would come in March.
- Read the budget documents on the township’s Finance page.
- Appeal an assessment to the Somerset County Board of Taxation if you believe yours is too high.
- School taxes are set by the Board of Education, which holds its own public meetings and budget hearing.