The referendum investment lets the district access state aid toward vital improvements. The costs of the projects are spread over time.
The Kenilworth Public Schools appreciates the support of our community, and is mindful of our responsibility to deliver an innovative 21st-century education through the most effective financial strategies.
Our board and district leaders regularly explore all available funding sources to repair and improve our facilities.
Careful consideration and consultation with advisors shaped the referendum strategy that includes:
No new tax impact until 2025
State aid toward projects that is only available through an approved referendum
District applies $2M in capital reserve funds to defer payments until 2025
Strategy for funding the future
Numbers to know
Project costs that include a transformative two-story addition at Brearley Middle-High School total $31,448,784. The amount includes a state-mandated contingency to cover unforeseen costs.
The district will receive state aid of $4,971,502, or nearly 16 percent of the project costs. These funds are only available with voter approval.
Taxpayers across the state pay into the state fund for school building projects. Only districts with an approved referendum have access to the money.
Kenilworth will apply $2 million from its capital reserve toward the repayment of bonds. These funds will defer local tax payments until 2025.
NJ offers a property tax rebate for seniors and people with disabilities who meet income eligibility requirements. The state has increased the income limit by more than 30 percent since 2017.
Breaking down the cost
No new tax impact until 2025 because district capital reserve funds defer local payments.
The average tax impact of the new debt over 25 years is $359 annually on a home assessed at the borough average of $183,389; that’s roughly $30 per month.
After five years of overlap between old and new debt, taxpayers will see a decrease of about $184 in the annual payment.
A referendum is the only way for the district to receive nearly $5 million in state aid and have the flexibility to spread project costs over the 25-year borrowing term.
Find your assessed value
The assessed value of a property is used to determine an owner's taxes. Assessed value is typically far less than the market value of a home.
To determine your assessed value, check a recent tax bill or enter your address in this database of property records.
