New Jersey: Corzine Law Punishes Tiny Town for Saving Money by Doubling its Property Taxes

Loch Arbour, which this past year had 24 students in the township schools, had based its school tax bill on 110 percent of Ocean Township’s cost per pupil or a minimum of $300,000 a year. That $300,000 became the going rate the past decade because the village did not have enough students to push the amount higher. Now, under the change in state law, the village’s school taxes must once again be based on the assessed valuation of taxpayers’ homes. That means the total tax amount will go up from $300,000 per year to $1,641,700 paid by approximately 150 individuals or families.

Source: Asbury Park Press

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