R' Aaron Lang, a selfless advocate for Lakewood school children explains how Lakewood residents were spared a huge tax when a bill allowing school districts to raise taxes was defeated in Trenton.
We just dodged a huge tax increase. The local fair share in Lakewood is $123,904,450 whereas we are only contributing $104,697,339 locally. So that is almost $20 million less.
Adequacy as defined in Lakewood is $125,908,648. Under the SFRA, we should only get $2 million in equalization aid. The state is going to phase us out from the $15 million equalization aid we have been getting to $2 million (really less because by then our local fair share will be above adequacy) over the next few years, which is where we should be based on the formula. So this law would have allowed a $20 million tax increase to make up for the difference in loss of state aid up to $20 million should the formula run.
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