Financial Information

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What is a Bond Referendum images about bond referendums

What is a Bond Referendum?

A special election that allows the school district to borrow money and secure long-term debt. The funds can only be used for capital improvements and no other purposes. Local taxpayers choose “Yes” or “No” when voting on the referendum.

State Aid provided by the New Jersey Department of Education

Certain types of school improvement projects are eligible for state aid. If voters approve, the state will pay $8 million towards the total project costs of $36 million. The State provides Debt Service Aid to school districts who authorize financing through a bond referendum. Without the referendum, the district would pay 100% of the project costs.

How this affects the Taxpayer

If the referendum is approved, taxpayers will see their current debt service assessed taxes stay steady over the next four years. In the fifth year, 2031, taxpayers will see a decrease in their assessed debt service taxes.
The illustration utilizes the average assessed home in Egg Harbor Township, which is currently $215,086.

Keep in mind, your taxes are based on assessed value, not the market value of your home. You can find your assessed value on your most recent property tax bill, by calling the Township Tax Assessor, or visiting the link provided by the New Jersey Transparency Center, Property Explorer
Senior Citizens are eligible to apply for the Senior Freeze property tax refund program. Please visit the New Jersey Division of Taxation for more information.