Holmdel Seniors and BOE Elections

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Seniors care a lot about the Board of Education whether they have children in the school districts or not.

Why?

Because 68% of our property taxes go toward the Holmdel school district.

This is one reason we should pay attention to what is happening to the school district, especially the budget and finances. The school district’s total budget has grown from less than $64 million for 2018-19 to over $71 million for 2023-24.

In addition to annual tax implications, did you know that Holmdel’s property value increase for the last 20 years ranks among the bottom 25th percentile of all New Jersey towns?

Zillow maintains a large database with over 20 years of real estate data. Using this data, Zillow developed a Zillow Home Value Index (ZHVI), a measure of the typical home value and market changes.

From January 2000 to December 2023, Holmdel’s ZHVI increased by 253%.

During this same period, the average increase in ZHVI for all New Jersey towns in the database is 300% for the past 23 years. This places Holmdel 417 out of 518 towns - at the bottom 25th percentile.

In 1996, Holmdel High School was highlighted by Governor Christine Todd Whitman as ranked number 1 in New Jersey and for spending less per student than the New Jersey State average. While it has recovered in the last few years, Holmdel school ranking had dropped below 100 according to the rankings by US News and World Report.

When families look to move, one of the first things they do is look at school rankings.

This is often part of their “due diligence” or background check, even before they visit a prospective town. If the school ranking doesn’t “cut muster”, a decision is often made to rule out that town for the short list of towns to be considered.

Holmdel residents live in a beautiful town with a history of great schools. While there could be several reasons why a town’s property value may not rise as other towns, school ranking is a significant factor for many families when choosing a new town to move into, especially those with young children.

All things being equal, the law of supply and demand states that the greater the demand (i.e., more families wanting to move into a town), the more likely that property value will increase disproportionately. Conversely, the lesser the demand, the less likely property value will rise proportionately.

Therefore, academic excellence, specifically, a high school district ranking, is a significant contributing factor to higher property value.

In 2012, the Board of Education voted to move the school board member election from April to November. There were good reasons for that decision.

In a statement issued before the 2012 vote that proved to be prescient, BOE President Barbara Garrity said "On the negative side, members are concerned that school matters will be drowned out in the noise and glare of the federal and state elections, and that non-partisan school boards will be more likely to become partisan over time as they are included on the partisan election ballot."

Garrity added, "State law requires that BOE elections be non-partisan, and we believe that children are better served by a non-partisan body focused on their educational needs."

My BOE running mates and I agree. That’s why we’re focused on ensuring that our property taxes are efficiently used to give Holmdel students every opportunity to succeed in the 21st-century job market and raise our school rankings further while our opponents focus on politics and partisan views.

All residents should carefully consider which BOE candidates they will vote for in the November election. The financial impact could be a long-lasting one for all residents through annual taxes and property value. This is true for all residents since residential property is typically one of their largest assets but especially true for seniors if they’re considering selling their home to downsize and/or looking to move to a different state as part of their retirement plan.

Raymond Kim
Estate Planning Attorney and 2024 Holmdel BOE candidate

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