New Jersey A2596 allows school boards to establish trust funds for property tax relief using donations.
New Jersey A2596 permits the board of education in any school district to establish a school property tax relief trust fund. The fund can accept donations, bequests, legacies, and gifts. The net proceeds from the trust fund are to be used exclusively for reducing or offsetting local property taxes. The board of education selects a trustee, who is not a board member or employee, to manage the fund. The trustee is responsible for investing and converting trust assets and must notify the board secretary of the funding available each school year.
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