Sunday, July 8, 2018

Lakewood will lose $1-2 Million With New Funding Formula

Lakewood is on a list of school districts that will lose money based on the new funding formula. The state will force some school districts to raise taxes based on the budget deal between Government Murphy and the legislature.  APP Lakewood reporter tweeted "Lakewood will lose $1-2 Million dollars" according to a source.
Toms River and Brick school districts will also have to raise taxes. Read more at NJ.COM

16 comments:

  1. Won’t make a real difference as we already automatically get raised the max 2%.

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    1. the cap just means that they can't charge you this year. the extra is a liability that will eventually need to get paid. if Murphy is successful in removing the cap (which he is trying), your property taxes will double within 4 years.

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  2. The way I understood it, the state mandates will allow an additional 2%!!

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  3. I believe the bill includes an allowance for certain districts to raise taxes more than 2%

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  4. Surprisingly no statement from the Vaad or Agudah NJ for all their advocacy with the funding formula. And the Vaad told everyone to vote Murphy.

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    1. You would think if there was ever anything that Agudah would fight for, it would be to fix the funding formula.

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  5. Harold HerskowitzJuly 8, 2018 at 2:26 PM

    Just a reminder. This is on top of the 28 million dollar deficit loan for this past year. The estimate for next years deficit is as high as 40 million. All of this is a direct result from building without knowing how we can pay for all this residential housing without raising taxes. Taxes will go up exponentially and continue to do so until new residential housing is stopped. Much of our commercial has received 30 year tax abatements which doesnt help. Ok now the VAAD and developer, sympathizers who read this blog religiously can start arguing.
    Just tell me when we can start saying we told you so.

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    1. It also doesn't help when the commercial properties in the industrial park become schools and go tax exempt..

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    2. Doesn't help at all. And the fact that taxes are so high, is why many of those properties are being bought by schools and not businesses.

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    3. You are totally off base . Business are paying crazy high prices and the lease prices for the industrial park have almost doubled in the last few years . There aren't too many schools buying any more as the properties have gotten too expensive . The schools that are there all bought a number of years ago before the prices,went through the roof .

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    4. Harold HerskowitzJuly 9, 2018 at 5:04 PM

      I was talking about all the shiny new office buildings. They have 30 year tax abatements. They only pay for services in their pilot program. Pilot programs are usually reserved for non profits to pay some taxes, not for newly built for profit office buildings. A 30 year tax abatement makes no sense. But of course we know how they received those abatements and from whom they bought the property. Residential housing and its subsequent cost is usually paid for with new commercial construction. We have a glaring imbalance that will cost taxpayers dearly. Most towns dont allow new residential developments unless they are required to build housing by the state. We obviously know better than every other town.

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  6. Yes support the Democrats as they will fix the school formula! Ha Ha you've been Hoodwinked.

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    1. They didn't even claim they'd fix the school formula.
      Actually, they said they'd raise taxes. And spend more. For once, they're not lying.

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    2. The Vaad claimed that Murphy would fix the school formula, Murphy never claimed that himself, at least not publicly. It was Sweeney that claimed he wanted to fix the funding formula.

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  7. It’s not to late Election Day is near

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  8. Anyone else realize that the Lakewood scoop didnt mention anything about this

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