Keansburg Property Values Soar, Far Outpacing Neighboring Bayshore Towns

Mayor Hoff and Borough Council Credit Strategic Redevelopment Plans with Revitalizing Community, Helping Homeowners Build Wealth

KEANSBURG, NJ – The Borough of Keansburg is experiencing a surge in property values, surpassing neighboring towns of similar size and location in Monmouth County along the Bayshore. Recent data from the Monmouth County Tax Board reveals that Keansburg has seen a substantial 54.46% increase in property values over the past five years, significantly higher than other nearby municipalities. Borough officials are crediting this strong increase in property values to Keansburg’s strategic redevelopment initiatives, which are revitalizing the community while helping homeowners build wealth and secure their retirement plans.

“Keansburg’s remarkable increase in property values is a testament to our community’s appeal and the positive impact of strategic development,” said Keansburg Mayor George Hoff. “The council and I are extremely excited about the positive trajectory of our borough as this growth not only reflects rising property values, but also underscores our commitment to fostering a vibrant and desirable place to live, work, and invest.”

Keansburg’s standout growth highlights the borough’s attractiveness as a desirable location for homeowners and investors alike. While other towns in the region have also seen positive growth, Keansburg far outpaces them (see data below):

Monmouth County Value Change (Bayshore Towns)

• Atlantic Highlands: 25.44%
• Hazlet: 38.01%
• Highlands: 45.53%
• Keansburg: 54.46%
• Keyport: 36.71%
• Union Beach: 43.98%

The surge in property values align with the transformative Baypoint Waterfront District project, a catalyst for economic revitalization in Keansburg. This ambitious development is projected to bring in over $1.2 million in new annual tax revenue, enabling the implementation of a Long Term Property Tax Stabilization Plan by Mayor George Hoff and the Borough Council.

The new developments have already made substantial contributions to the Borough’s financial health, generating $325,000 in property taxes in 2023, of which the Borough retained $180,000. When the project is completed, it is projected to yield a total of $1.2 million in net PILOT (Payment in Lieu of Taxes) payments, with the Borough anticipated to retain approximately $1.1 million, with the remainder going to local schools and the county. This means that the tax revenue generated by the property will increase by more than 500% when the development is completed! 

Phase 1 of the project first broke ground in October 2021 and is nearing completion, with apartments and retail space set to be marketed to tenants shortly. The residential complex with ground-floor retail at 19 Carr Avenue is the first step of the Borough’s comprehensive revitalization plan aimed at fostering prosperity and growth in the community.

The next phase of the project, spearheaded by New Jersey based developer Carter Sackman, includes plans for waterfront apartment buildings along Beachway Avenue, complemented by a vibrant community boardwalk, ample parking facilities, and a two-level pavilion, promising a dynamic hub for residents and visitors alike. Upon completion, the project will feature 700 luxury apartment units and 45,000 square feet of restaurant, entertainment, and retail space.

The Monmouth County Workforce Development Board (WDB), will be presenting the Keansburg Recreation Department, as one the recipients, the 2024 Youth Employment Award at the 31^st Annual Partnership Awards Dinner to be held on Wednesday, May 22^nd at Jumping Brook Country Club, Neptune, NJ.

The WDB’s Partnership Awards were established to recognize leaders from Business, Community Service, Education, Government, Youth Employment and Organized Labor who have contributed to Monmouth County’s social and economic successes.  In addition to Keansburg Recreation Department as our honoree from Youth Employment, we are also recognizing the following:

Business:                            Monmouth Medical Center – Project Search Program

Community Service:        Brookdale – Small Business Development Center

Education:                           Alliance for Success Program

Government:                     Monmouth ACTS

Youth Employment:        Keansburg Recreation, Long Branch Parks & Recreation and Red Bank Recreation

Proceeds from the event are applied to the WDB’s Scholarship Fund, which is used to assist Brookdale Community College students who are in financial need.

KEANSBURG DEVELOPMENT TAX REVENUE 4.1.2024

Due to a water main break at the corner of Beachway and Carr Ave, residents within the vicinity of Center Ave, Highland Ave, Beachway Ave and Carr Ave may experience an interruption of water service for the next few hours. Our crews are working diligently to get it repaired as quickly as possible. Thank you for your patience and understanding.

2024 Municipal Election Candidates and Polling Locations

PLEASE NOTE: the 4th Voting District has moved to the Keansburg Waterfront Library, 55 Shore Blvd

KEANSBURG MAYOR AND BOROUGH COUNCIL SECURE $1 MILLION IN FEDERAL FUNDING FOR INFRASTRUCTURE IMPROVEMENTS THROUGHOUT BOROUGH

KEANSBURG, NJ – Mayor George Hoff is pleased to announce that $1 million has been allocated in the federal budget for critical infrastructure improvements in Keansburg, including enhancing pedestrian access, reconstructing roadways, and fortifying drainage systems throughout the borough. This significant investment is the first federal grant to address drainage improvements within the Borough of Keansburg in over 30 years, and will reduce flooding on numerous streets while saving single family homes approximately $350 on their tax bills.

“This $1 million grant is a testament to the hard work and dedication of the Keansburg Borough Council who worked tirelessly over the past year to convey the pressing need for infrastructure improvements in Keansburg,” said Mayor Hoff. “This funding not only ensures the safety and accessibility of our borough but also plays a pivotal role in keeping taxes low for our residents. I want to extend my deepest appreciation to Congressman Pallone for securing the funding and also for always being there for the residents of Keansburg.”

The funding announcement comes on the heels of Congressman Frank Pallone, Jr.’s recent disclosure that he has secured $16,383,535 in funding for thirteen projects in New Jersey’s Sixth Congressional District. These projects, included in the federal spending bill for Fiscal Year 2024 and passed in the House of Representatives, are poised to rebuild and repair infrastructure, support low-emission public transit, facilitate lead pipe removal, and bolster coastal resiliency. The Senate is expected to pass the bill, sending it to President Biden’s desk for final approval.

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BOROUGH of KEANSBURG

Public Notice is hereby given that Petitions for Nomination of Candidates to the Keansburg Borough Council are available at the Municipal Clerk’s office at Keansburg Borough Hall, 29 Church Street, Keansburg, NJ between the hours of 9:00 a.m. and 4:00 p.m.   Three (3) full terms for Member of the Borough Council shall be voted upon at the Municipal Election to be held on May 14, 2024.   The term of office shall commence on July 1, 2024 and expire on June 30, 2028.  Completed petitions are to be returned to the Municipal Clerk’s office by Thursday, February 29, 2024.

Thomas P. Cusick
Municipal Clerk

Tax Assessment Program (10.2023)