Parsippany Schools Getting Boost In State Aid Under Gov. Murphy Plan

PARSIPPANY, NJ — Parsippany is expected to get $1,431,008 more than last year in school aid from New Jersey as part of the latest state budget proposal, according to figures released Thursday.

Gov. Phil Murphy's administration has proposed $19.2 billion for New Jersey pre-K to 12 schools for the fiscal year 2023 budget. Read More: NJ School Aid: Who's Getting More, Who's Getting Less

The Parsippany-Troy Hills School District would receive $9,184,841 for the next fiscal year under the proposal — an 18.46 percent increase over its state aid for the current school year.

State aid is an influential factor in a school district's share of property taxes. Many districts say that cuts — or even flat spending — force them to raise taxes for local homeowners. Last year, the average property owner in the state paid roughly 52.9 percent of their total for school taxes, 29.4 percent for municipal taxes and 17.8 percent for county taxes.

Parsippany's average residential property tax in 2021 was $9,651 for a home valued at $311,780, with 65.2 percent supporting schools, 24.6 percent funding the township and 10.2 percent going to the county. Read more: See The 'Average' Property Tax Bill In Parsippany

As a state, New Jersey routinely ranks among the highest in the nation when it comes to property taxes. Last year, four of the seven counties with the highest median payments in the U.S. were located in New Jersey.

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