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Taking Advantage of State Aid
A bond referendum is a smart financial strategy to fund large-scale school improvements that cannot be addressed through the district’s annual operating budget or other financial means.
Financing these improvements through a bond referendum gives the district state financial aid that is allocated to help public school districts pay for specific improvement projects. This pool of state aid is funded through tax revenues collected across New Jersey. Voter approval of the bond referendum would bring $23.8 million in state tax dollars to West Deptford.
A bond is a type of loan the district can take out to finance large projects. After voters approve a bond referendum, the district can issue bonds, which are sold to investors. The district then receives the money from those bonds up front and pays it back, with interest. West Deptford’s plan is based on a 25-year payback. This is similar to the way a resident might use a home equity loan.
Breaking Down the Numbers
Breaking Down the Numbers
There are a lot of big numbers associated with the proposed improvements, but the most important numbers are how much it would cost, how much state aid the district would receive, and how much the community would contribute.
Total Investment: $89,928,606
State Aid reducing the local share of that: $23,791,880
Tax Impact: *$32/month for 25 years
* Based on home assessed at the mathematical average for West Deptford: $201,605 .
Assessed Value, Not Market Value
Assessed Value, Not Market Value
“Assessed” values are used to calculate property taxes. A home’s assessed value is often much lower than its market value – sometimes half the amount!
Market value can be found on Zillow.com and it fluctuates as housing demand grows and weakens.
Assessed value can be found in the database NJpropertyrecords.com. Enter your address and click to find your “assessment total.”
To estimate tax impact for higher or lower assessed values, multiply the value by 0.001907 -- such as $201,605 x 0.001907 for annual tax.
Tax Relief Available for Seniors
Tax Relief Available for Seniors
The State of New Jersey has several tax relief programs including a new one called Stay NJ. As of the 2024 tax year, the state combined its varied applications into one streamlined process. The deadline to file for reimbursement for taxes paid in 2024 is October 31, 2025.
Learn more about these programs on the state’s website or by calling 800-882-6597.
Your Vote, Our Promise
A bond referendum gives the community a direct say in how the district addresses its facility needs. By voting, residents can decide whether to support improvements that benefit students, staff, and the community as a whole.
By state law, the district cannot spend more on improvements without additional voter approval, and it must complete the projects that were on the ballot. That’s why the plan includes a contingency amount in case costs change. This is a commitment to voters that if project costs approach the total that voters approved, the project would have to be adjusted to fit within the budget.
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