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Borrowing bonds allows New Jersey school districts to complete projects at a significant cost advantage. Revenue collected from across New Jersey is distributed only to districts with voter-approved bond referenda. Voter approval means Haddonfield can bring this money back to the borough to invest in the school district. It’s the only way to get a share of this money.
Understanding the True Tax Impact:
Understanding the True Tax Impact:
The total cost of projects is $46.7 million, which will be reflected in the referendum question. However, with $9 million in state aid (which is like getting a 20% discount), taxpayers will only repay $37.7 million. This amount equates to about $369 per year for the average Haddonfield household.
The Strategy
The Strategy
A bond referendum provides a smart financial path by generating up-front funding and allowing the district to access an exclusive type of state aid.
Timing is another benefit. In the 2025-26 school year, Haddonfield School District will finish paying off debt for past improvements. If voters approve the plan on the December 10 ballot, this new debt will begin on tax bills as the past investment is paid off.
The seamless transition from past to future can be compared to a resident who finishes paying off one car and begins making payments on another.
That’s how this proposal would continue our investment.
That’s how this proposal would continue our investment.
NJ Senior Tax Freeze
NJ Senior Tax Freeze
NJ offers a property tax rebate for seniors and people with disabilities who meet income eligibility requirements. The state provides a rebate if property taxes increase. Find forms online or call the state's hotline at 1-800-882-6597.
State Aid Would Bring Funds Back to Haddonfield
State Aid Would Bring Funds Back to Haddonfield
The strategic approach of a bond referendum brings a specific type of state aid to public school districts.
Not all improvement projects qualify for this aid, and Haddonfield’s plan maximizes the opportunity with a commitment for $9 million.
Haddonfield residents already pay into the state budget that allocates these funds.
Only districts with bond funding get a share of this allocation.
Without a voter-approved bond referendum, projects such as roofing, fire alarm replacement, remediation of mercury-containing gym floors and electrical service upgrades would be paid 100% from the operating budget that is funded almost exclusively from local taxes. A voter-approved bond referendum unlocks state aid to help fund these local improvements, reducing the financial burden on local taxpayers.
Assessed Value vs. Market Value
Assessed Value vs. Market Value
Tax impact is based on a home assessed at the average in Haddonfield. Mathematically, the average assessment is $530,509.
Assessed value is usually less than market value.
Find your home’s assessed value at NJpropertyrecords.com.
If voters approve the question on the December 10 ballot, the owner of a home assessed at the average would pay $369 more each year for the 22-year term of the bond.
That’s the “net” increase compared to the 2025 rate for school debt rate. New debt would begin in 2026 as a past investment is paid off. This seamless transition from past to future means a lower net tax increase.
Meeting the essential needs of our students and staff means looking to the future. The Board believes this proposal provides a fiscally responsible way for our community to continue its tradition of excellence.
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