In Move To Help Taxpayers, Holmdel School District Delays $2.9M

HOLMDEL, NJ — The Holmdel school district has agreed to delay a portion of its scheduled $5.9 million tax payment to allow the Holmdel Township Committee to extend the May 1 property tax deadline until June 1.

In total, the Holmdel school district was supposed to be paid $5.9 million in taxpayer money from Holmdel Twp. by the end of this week.

However, under an emergency proposal from Holmdel Twp. Wednesday night, and accepted by the Board of Education, Holmdel Township will submit $3 million to the Holmdel School District on Friday, May 1, while delivering the balance of the monies due (the remaining $2.9 million) by June 1.

The Holmdel Township Committee made the request after Gov. Phil Murphy allowed New Jersey towns to extend the grace period for taxpayers due to immense coronavirus hardship.

The Holmdel School Board’s action will also allow the Township to avoid issuing costly Tax Anticipation Notes, eliminating an added expense for Holmdel taxpayers.

"I am proud that the Township Committee took decisive action to extend the tax grace period to June 1 on Tuesday night, just hours after the Governor announced this option," said Holmdel Mayor Greg Buontempo. "After finally resolving terms with the Holmdel Board of Education this afternoon, the Township’s Chief Financial Officer issued a directive implementing it today. We are hopeful that this Township initiative will help taxpayers that may be struggling financially right now."

“The Board of Education always places the interest of our taxpayers first as demonstrated by our past investments to ensure local educational excellence,” said Holmdel BOE president Vicky Flynn. "The Board recognizes that many local property tax owners are feeling a cash crunch right now, because of the economic strains associated with efforts designed to slow the spread of the coronavirus in the state.”

Schools superintendent Dr. Robert McGarry said the Holmdel school district is "fiscally sound," and its financial health enabled the district to delay accepting the money.

“Fortunately, we have the financial resources in place to allow the Township to delay a portion of the final payment of our fiscal year,” said McGarry. “We welcome opportunities to collaborate with the Township for the benefit of our residents in times like these."