State AID
After the last referendum, we listened wholeheartedly to the community’s feedback about the price tag and pared back the proposal. We focused on selecting projects that receive the maximum amount of state aid – to the tune of $4.2 million, or 29% of the project costs. Saddle Brook either uses this type of state money or loses it to other districts.
The Saddle Brook community now has the choice to fix our school buildings and enhance safety and security without raising taxes beyond what residents currently pay.
THIS TYPE OF State Aid is Available Only if Voters Approve
The state collects taxes from all New Jersey residents and shares that money with districts with voter-approved bond referenda.
If voters approve the bond referendum in Saddle Brook, the district receives $4.2 million in state aid to help offset the local tax impact.
If voters reject the bond referendum in Saddle Brook, the district still needs to make these critical infrastructure repairs but will not receive this type of funding to offset the project costs.
We're talking about $4,226,995 in state aid - or 29% of the project costs - that voters will decide whether the district receives or not. This is our chance to bring back to Saddle Brook money we already paid to the state!
How will my taxes TOWARD SCHOOL DEBT go down?
Think about your family paying down a car loan. When you near the end of the payments, you may want to replace that car with a new car without changing the family budget. That’s exactly what we want to do here in Saddle Brook School District.
After factoring in state aid, Saddle Brook residents would pay the remaining $10.2 million of the $14.4 million in project costs, split among all residents over the next 20 years.
In 2023, the current owner of a home assessed at Saddle Brook’s average ($407,800) is paying an annual amount of $278 for school debt. The payback levels of that old debt will gradually decrease over the next seven years.
If the community approves the referendum, the new debt will cost that same homeowner an average of $197 per year. From 2024-2030, this is $81 a year LESS on average than what he or she is currently paying.
Once the old debt is paid off, the same homeowner will continue to pay $121 per year on average. From 2031 through 2043, this will be $157 LESS on average than what he or she is currently paying.
*Other portions of the tax bill (county, township, and school operating budget) may fluctuate.
Assessed value
Assessed value, which is used to determine a homeowner's property taxes, is different than a home's market value. Assessed value is typically less. Check your property bill or this website to determine your home's assessed value.