A STRATEGY TO SECURE $20.2M IN STATE AID
HVRSD will receive $20.2 million in state aid to reduce the local cost of the projects if both ballot questions are approved. The proposal is consistent with the district’s strategic long-term planning and the Board of Education’s practice of seeking funding beyond the local tax base.
In other recent examples aside from the referendum:
The board’s Government Relations Committee secured the district’s first-ever state budget appropriation of $125,000 toward a fully ADA-accessible playground at Bear Tavern. The remainder of this project will be funded by community donors.
The district used a state grant toward 40% of a boiler project at Central High School and purchased high-efficiency lighting at a fraction of market cost through a Board of Public Utilities program.
If voters approve the Nov. 4 bond referendum, HVRSD secures upfront funding to make major building improvements, with payments spread over time – much like consumers take out a home equity loan.
Funds educational costs, utilities, salaries
No special subsidy for building upgrades
State funded just 7% of annual budget
Funding tool intended for construction
$20.2M opportunity for state aid
State revenue returns to our community
The total cost for all proposed improvements is $84,235,000. The projects are eligible to receive $20,197,381 in state aid if both questions pass. Question 2 can only pass if Question 1 is also approved.
See all the details about the projects, organized by ballot question and by school on the Projects page.
COST $58.4 million
STATE AID $19.9 million
*Est. annual tax impact
HOPEWELL BOROUGH $248
HOPEWELL TOWNSHIP $284
PENNINGTON BOROUGH $294
COST $25.8 million
STATE AID $338,321
*Est. annual tax impact
HOPEWELL BOROUGH $164
HOPEWELL TOWNSHIP $188
PENNINGTON BOROUGH $194
The bond borrowing term is 20 years for each of the questions.
The estimated tax impact does not factor in Hopewell Township's PILOT-funded commitment toward the Bear Tavern project. When available, the $16.1 million allotment will be applied toward debt payments, lowering the local tax impact.
* Tax impact is based on the average assessed value of $408,445 in Hopewell Borough, $477,718 in Hopewell Township and $488,135 in Pennington Borough.
Assessed value is assigned by a municipality and is different than market value, which is what a home might sell for. Find the assessed value of your home at the Mercer County database at https://pip.mercercounty.org/
Income-eligible seniors in New Jersey can now apply for three types of property tax relief using one application form.
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.
For more, go to propertytaxrelief.nj.gov or call 1-800-882-6597.