No Tax Increase In Massive Newark School Budget: What To Know

Newark NJ

28 March, 2022

2:33 PM

Description

NEWARK, NJ — The Newark Board of Education has proposed a $1.2 billion budget for the 2022-23 school year that will raise spending by $146 million – without a tax increase for the average homeowner. The local tax levy of $138 million would mean an $8.75 decrease for the average home with an assessed value of $175,000, according to figures presented by the board (watch the video below). The school board approved the budget on Friday. It will go before Newark voters as part of the April 19 election, which also includes a contest for three available seats on the board. See the district's "user-friendly" budget presentation here. See breakdowns for individual schools here. District administrators noted that Newark got more than $1 billion as part of Gov. Murphy's school state aid proposal, an increase of 13.21 percent from last year. Read More: Newark Will Get More School Aid From NJ Under Murphy Plan Property taxes in New Jersey are made up of three parts: school, municipal and county. In Newark, that breakdown last year was 31.1 percent for school taxes, 53.8 percent for municipal taxes and 15.1 percent for county taxes. See related article: Average Property Tax Bill In Newark Ranks Among Lowest In NJ See related article: Tax Gap In Essex County; Many Wealthier Towns Pay Lower Rates Send local news tips and correction requests to [email protected] Sign up for Patch email newsletters. Learn more about posting announcements or events to your local Patch site. Don't forget to visit the Patch Newark Facebook page.