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A Financial Strategy of
Timing + State Aid
A Financial Strategy of
Timing + State Aid
How is ZERO TAX IMPACT possible? Through careful timing and financial planning!
Debt payments from a previous school referendum will be paid off after 2026. The tax impact from the old debt and proposed new debt is about the same for a home assessed at North Plainfield’s average ($225,527).
It would actually result in a tax decrease for school debt of about $12/year.
Bond borrowing is part of the financial strategy
Bond borrowing is part of the financial strategy
Bond borrowing is part of NPSD’s financial strategy to:
Keep the tax rate steady by replacing old debt with new debt.
Spread payments for critical infrastructure projects over time, like how a homeowner uses a home equity loan to replace a roof or air conditioner.
Capture state aid to cover 56% of the project costs.
State aid helps!
State aid helps!
Certain types of projects are eligible for state aid when approved through a bond referendum. The NPSD Board of Education carefully chose projects that would receive significant state aid – to the tune of $19,165,284 in financial aid toward the $33,981,759 in total project costs.
This is money that North Plainfield residents already paid to the state through taxes. One way to invest it back into the schools is through voter approval of the referendum.
56%
PAID BY
STATE AID
Assessed value
Assessed value
Assessed value is used to calculate how much a person pays in property taxes. Assessed value is different than market value, and in North Plainfield’s case the mathematical average is $225,527.
Check your assessed value here.
Use the “Property Filter” tab to enter your address.
Click the grey button to “show results.”
Scroll to see the “Net Tax Value.”
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