New Jersey S981 allows school boards to establish trust funds for property tax relief using donations.
New Jersey S981 permits the board of education of any school district to create a school property tax relief trust fund. This fund can accept donations to reduce or offset local property taxes. The board must select a trustee to manage the fund, who will notify the board secretary of the funding available each year and remit it to the local tax collector. The Division of Investment in the Department of the Treasury will provide advice and assistance to school boards in establishing these trust funds. The net proceeds of the trust fund are to be used exclusively for property tax relief.
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