Title: Reducing the property tax levy cap
Signed by Governor Chris Christie
Title: Reducing the property tax levy cap
Vote to concur with the Governor's amendments and pass a bill that lowers the property tax levy cap from 4 percent to 2.0 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.
-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.0 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):
Title: Reducing the property tax levy cap
Vote to concur with the Governor's amendments and pass a bill that lowers the property tax levy cap from 4 percent to 2.0 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.
-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.0 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):
NOTE: THE GOVERNOR ISSUED A CONDITIONAL VETO, MEANING HE OR SHE OBJECTS TO ONLY PART OF THE BILL AND PROPOSES AMENDMENTS THAT WOULD MAKE IT ACCEPTABLE. IF THE LEGISLATURE CONCURS WITH THE GOVERNOR'S AMENDMENTS, THE LEGISLATION IS AGAIN PRESENTED TO THE GOVERNOR FOR SIGNATURE.
Vetoed by Governor Chris Christie
Title: Reducing the property tax levy cap
Vote to pass a bill that reduces the property tax levy cap from 4 percent to 2.9 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.
-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.9 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
Title: Reducing the property tax levy cap
Vote to pass a bill that reduces the property tax levy cap from 4 percent to 2.9 percent and allows unused school district, county, and municipal increases to be held in reserve for three succeeding years.
-Defines "tax levy growth limitation" as the permitted annual increase in the adjusted tax levy for a school district (Sec. 7). -Authorizes a school district or local unit that has not received approval for a waiver to add to its adjusted tax levy in any one of the next three succeeding budget years, the amount of the difference between the maximum permitted amount to be raised by taxation for the current school budget year and the actual amount to be raised by taxation for the current school or local budget year (Sec. 6 & 10). -Prohibits school districts from adopting budgets with tax levies that exceed the tax levy growth limitation, which is the sum of the pre-budget year adjusted tax levy and the adjustment for increases in enrollment multiplied by 2.9 percent and adjustments for a reduction in total unrestricted State aid from the pre-budget year, an increase in health care costs, and for the 2010-2011 school year, increase in amounts for certain normal and accrued liability pension contributions (Sec. 5). -Specifies that the following exclusions shall be added to the calculation of the adjusted tax levy (Sec. 10):
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
Title: Reducing the property tax levy cap