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Tewksbury Township School District
FUNDING STRATEGY
Advantages of Timing and State Aid
Advantages of Timing and State Aid
The Tewksbury school board proposes a financially responsible way to make repairs and renovations, minimizing the tax impact for residents.
That means nearly $14.7 million worth of projects can be accomplished with a tax decrease of about $18 per year for Question 1.
Projects in Question 2 would add about $211 per year to the school debt tax rate. Together, the net increase would be $193 per year.
Question 1
Question 1
TOTAL COSTS $14,688,916 STATE PAYS $4,994,231
This proposal means we can pay off a previous investment and start a new one with a tax decrease. The current tax rate for school debt is about $317 a year, and that debt will be paid off in 2026. The new tax rate would be about $299 – so voter approval of Question 1 would still result in a tax decrease of about $18 a year (for a home assessed at Tewksbury’s average of $660,409.*)
Question 2
Question 2
TOTAL COSTS $10,322,514
STATE PAYS $3,509,655
Question 1 can pass on its own. Question 2 cannot pass unless Question 1 also passes. Together, the net increase would be $193 per year for a home assessed at Tewksbury’s average.*
*What is Assessed Value?
*What is Assessed Value?
Assessed value is used to calculate how much a property owner pays in taxes. The assessed value is different than the market value - it is typically less.
Go to this website to find your assessed value.
Use the “Property Filter” tab to enter your address.
Click the grey button to “show results.”
Scroll to see the “Net Tax Value.”
What if my assessed home value is higher or lower than average?
What if my assessed home value is higher or lower than average?
The chart on this webpage provides estimated tax impacts for a range of assessed values. Use a calculator and the formulas below to get more details. Please note that the estimated tax impact is an average over the 20-year term of the investment.
First, use the directions above to find your home's assessed value — don't guess at its market value.
Using your home's assessed value:
For Question 1 - Multiply your home’s assessed value by 0.0000274. This would be the tax decrease if Question 1 passes.
For Question 1 and Question 2 combined - Multiply your home’s assessed value by 0.0003191. This would be the tax impact of projects proposed in both questions. Subtract your projected tax decrease (from step 1) from this amount – that’s the net tax impact if both questions pass.
Advantages of Strategic Planning and State Aid
Advantages of Strategic Planning and State Aid
The investment that built Tewksbury Elementary School will be paid off in 2026. With voter approval, tax payments for projects described in Question 1 would pick up where those payments leave off. This timing allows us to keep up with major maintenance needs while keeping the tax rate steady over time.
Timing is one advantage; state aid is another. All projects in both questions qualify for the maximum level of the state’s special funding program.
Certain types of projects are eligible for state aid when approved through a bond referendum.
If voters approve, the state will pay 34% of the costs.
Tewksbury Township residents already contribute to this state program through taxes; this plan would bring some of it back to invest in our community.
Question 1 can pass on its own. Question 2 cannot pass unless Question 1 also passes.
Question 1 can pass on its own. Question 2 cannot pass unless Question 1 also passes.
The Vote Page shows a breakdown of which projects are proposed in each question that will be part of the November 4 ballot.
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