MOORESTOWN TOWNSHIP PUBLIC SCHOOLS
Funding Strategy
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Why a bond referendum?
Why a bond referendum?
MTPS schools need large-scale improvements.
MTPS schools need large-scale improvements.
These projects can’t fit within the annual budget, which must fund regular educational expenses such as salaries, utilities and transportation.
When a district holds a bond referendum – asking voters for permission to borrow money by selling bonds – the NJ Department of Education will provide aid for eligible project costs.
If voters approve a referendum, the district can fully address building needs without taxpayers paying full price for the projects.
💰THE BENEFIT OF STATE AID AND GOOD TIMING ⏰
💰THE BENEFIT OF STATE AID AND GOOD TIMING ⏰
Taxpayers across New Jersey pay into the revenue that funds school improvements, but only communities with approved referenda bring some of that money back home.
Taxpayers across New Jersey pay into the revenue that funds school improvements, but only communities with approved referenda bring some of that money back home.
Moorestown residents last approved a referendum to add a wing to MHS.
Moorestown residents last approved a referendum to add a wing to MHS.
Debt from that previous referendum will be paid off by 2029. That timing creates the opportunity to reduce the impact of a new investment.
Debt from that previous referendum will be paid off by 2029. That timing creates the opportunity to reduce the impact of a new investment.
It’s like taking out a new car loan when your current loan is almost paid off.
It’s like taking out a new car loan when your current loan is almost paid off.
THE BREAKDOWN
THE BREAKDOWN
The bond referendum is packaged into two questions – each with the opportunity for state aid toward projects. Question 2 cannot pass unless Question 1 passes. The estimated tax impact is based on the average assessed property value of $465,125.
The bond referendum is packaged into two questions – each with the opportunity for state aid toward projects. Question 2 cannot pass unless Question 1 passes. The estimated tax impact is based on the average assessed property value of $465,125.
Question 1
Question 1
Elementary renovations; William Allen Middle School additions, gym and facilities renovations; district-wide infrastructure (HVAC, roofs); Moorestown High School projects including replacement of tennis courts and stadium turf, and Isenberg Gymnasium renovations; and security improvements
Cost: $80.3 million
State aid: $15.9 million
Est. monthly tax impact: $37
Question 2
Question 2
Operations Center; Moorestown High School instructional renovations/improvements, athletic enhancements (three new turf fields, lighting); and traffic flow improvements
Cost: $28 million
State aid: $2.7 million
Est. monthly tax impact: $17
Assessed value vs. market value
Assessed value vs. market value
Before you estimate your local tax impact for Questions 1 and 2, be sure you are using the correct data.
Before you estimate your local tax impact for Questions 1 and 2, be sure you are using the correct data.
Don’t look for market value: That’s for real estate listings and determining the potential equity in your home.
Tax impact is based on assessed value – the value assigned by a local municipality. That determines property taxes, including the amount for school debt tax. Assessed value is typically significantly less than market value.
Find your assessed value using the Burlington County tax database. That will give you a basis of comparison for the estimated monthly tax impact of $37 for Question 1 and $17 for Question 2 for the owner of a property at the average assessed value of $465,125.
TAX RELIEF FOR ELIGIBLE SENIORS
TAX RELIEF FOR ELIGIBLE SENIORS
The State of New Jersey offers three separate senior tax relief programs and recently consolidated them into one application.
The State of New Jersey offers three separate senior tax relief programs and recently consolidated them into one application.
Each program has income eligibility requirements.
Each program has income eligibility requirements.
Senior Tax Freeze: Once applicants are approved, their property tax payments are “frozen” at the current amount, and they will receive a rebate if taxes increase because of public school taxes or any other reason including local/county taxes. The total income limit for 2024 is $168,268.
Affordable New Jersey Communities for Homeowners and Renters (ANCHOR): Seniors earning a 2024 gross income under $250,000 are eligible to receive a benefit check.
Stay NJ: Applicants with a 2024 income below $500,000 are reimbursed for 50% of their property tax bills, up to $13,000.
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