Millburn Taxes: Here’s What The $25M School Bond Will Cost Homeowners

MILLBURN, NJ — Millburn voters have approved a $25 million bond to purchase the Regional Day School on Spring Street and turn it into a fifth-grade school, but how will the upcoming construction affect local property owners’ tax bills?

The Millburn Public School District recently unveiled a “Tax Impact Calculator” of the estimated average annual tax impact the multi-million “Investing In Excellence” initiative will have for property owners.

For example, taxes will rise $62 for a Millburn home valued at $500,000, according to the calculator.

See the online tax calculator here.

Millburn voters overwhelmingly voted in favor of the $25.6 million school bond referendum in September. According to school administrators, the referendum passed with 2,506 “yes” votes and 846 “no” votes.

About 21 percent of approximately 15,000 eligible voters weighed in at the polls regarding the bond issue, NorthJersey.com reported.

In addition to the Day School purchase, the referendum will also pay to update restrooms and burglar/fire/communication systems in the district, as well as “provide enhancements to programs for our students,” Millburn school administrators said.

• See related article: Millburn Voters Prep For $25M School Referendum

Photo: Flickr Commons

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