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How Christie's school funding plan could affect your property taxes

Monday, July 11, 2016   (0 Comments)
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NJ.com 07/11/16

Gov. Chris Christie's proposed school funding overhaul could produce property tax relief from as much as $4,500 for the average homeowner in Glen Ridge to a little as $5 on average in Mount Ephraim, according to state data.  Across New Jersey, 368 towns would see property tax reductions including 90 municipalities that would experience at least $2,000 in average household savings, according to an analysis released by the governor's office.

The relief from New Jersey's highest-in-the-nation property taxes would be widespread and substantial according to the state's calculations: A $4,262 reduction for the average homeowner in Mountain Lakes, $3,339 in Montclair and $3,268 in Mendham Township, all without any reduction in local services.  But that scenario — one that governor declined to explain the math behind — wouldn't come without consequences.  In promoting the plan, Christie's office makes no mention of the towns that would not see tax relief. For those 145 municipalities, the ramifications could be devastating, an NJ Advance Media analysis found. 

New Jersey's poorest cities would not only lose millions in state aid for their schools but would be forced to consider raising the average property tax bill by thousands of dollars per household to offset the reduction.  Passaic, which would see a 61 percent reduction in state aid to its schools, would need to raise the average tax bill by $12,385 to avoid potentially crippling budget cuts in its schools, NJ Advance Media found. Garfield, projected to lose 44 percent of its state aid, would need to raise taxes by $3,033 on average to avoid school cuts, according to the analysis. 


 


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