BREAKING: Property Taxes In Jackson, Toms River Could Soar By 10% Next Year

The New Jersey Legislature has approved a bill that could potentially result in property taxes to skyrocket by 10% next year in Jackson and Toms River. Assemblyman Sauickie, who represents Jackson, voted ‘yes’ on the legislation, but lamented on the Assembly floor that such steps are necessary to ensure school districts are properly funded.

The legislation now heads to Governor Murphy’s desk for his signature.

The bill, S-3081/A-4161, provides aid grants to eligible school districts of up to 45 percent of the district’s state school aid reductions for the 2024-2025 school year. Eligible districts would include districts proposed to see a state aid reduction in fiscal year 2025.

The bill will additionally allow districts to have tax cap flexibility to restore funding loss from the past four years under S-2. The adjusted tax levy would be no more than the difference between a school district’s state aid for the 2024-2025 school year as compared to the 2020-2021 school year.

Essentially, it allows townships to raise property taxes by up to 10% in a single year – far higher than the regular 2% annual cap – to make up for funding lost to their school districts through the S-2 cuts. For Jackson and Toms River residents, this could amount to a hefty tax increase, as their school districts each lost more than $20 million in state funding between the 2020-2021 school year and the 2024-2025 school year.

The bill was approved by the full Senate in a 24-9 vote.

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1 COMMENT

  1. There are no free lunches.
    As we demand more “programs” (AKA money) the taxes automatically rise. Otherwise you end up like Lakewood BOE that keeps widening the deficit with the logic that when its due we won’t be in-charge thus not our problem. However, it always remains the tax payer’s problem.

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