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Financial Details

$158.4 million in Improvements | State pays $46.4 million

Morristown

If voters approve the referendum, residents could expect to see an estimated increase of approximately $38 per month in school debt tax for a home assessed at the average ($635,443).  

Morris Township

If voters approve the referendum, residents could expect to see an estimated increase of about approximately $41 per month in school debt tax for a home assessed at the average ($560,500). 

Much like a homeowner would finance improvements through a home equity loan, the district would pay for projects by borrowing (through the sale of bonds) and spread the costs over the 20-year life of the loan. This cost is shared by all property owners that live in Morristown and Morris Township throughout the life of the loan.  

How much would I contribute?

Step 1: Select your home's location




Step 2: Look up your home's assessed value

A home's assessed value is different than its market value. The assessed value is used to determine tax bills and is typically lower than market value, which is a home's potential sale price. Don't guess your tax impact using market value.

To find your home's assessed value, enter your address at the:

County of Morris Tax Board

Step 3: Enter your home's assessed value




Step 4: See Your Tax Impact

Assessed value

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First year impact

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Average impact

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Assumptions:

  • Rate of interest per annum 4% (actual rate determined by competitive sale of bonds)
  • 20-year maturity schedule
  • 29.33% debt service aid
  • No increase in ratables assumed, ratables as of January 2026.

Advantage of State Aid

Certain types of school improvement projects are eligible for state aid. If voters approve the bond referendum, the state will pay $46.4 million toward the total project costs. Every taxpayer across New Jersey pays toward public school improvements. This money can only be brought back to invest in Morris School District through approval of a bond referendum. 

Fiscal Responsibility

Careful planning has always played an important role in decisions for Morris School District. The bond referendum is no different – it focuses on the highest priority facility improvements with the assistance of state aid.

Bond borrowing provides upfront funding to address needs quickly and secure state aid to offset the project costs.