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Funding Details

A Strategy to Secure $9.3 Million in State Aid

West Essex Regional School District will receive $9.3 million in state aid to reduce the local cost of the projects if both ballot questions are approved. The bond proposal aligns with the district’s history of strategic fiscal planning and mission to provide safe, functional, and effective learning environments With their responsibility to taxpayers at the forefront, West Essex board and district leaders regularly identify funding streams beyond the annual budget. 

Voter approval of the Nov. 3 bond referendum would allow West Essex to secure upfront funding to make major facilities improvements, with payments spread over time – much like consumers leverage a home equity loan. 

What's The Cost?

Total Cost: $49,419,634 | Question 1: $41,926,384 | Question 2: $7,493,250 

State Aid: The district is eligible to receive $9,283,957 in state aid if both questions pass. Question 2 can only pass if voters approve Question 1. 

Question 1

Referendum graphic with information regarding question 1 costs.

 

COST: $42 million 
STATE AID: $8.3 million 
Est. monthly tax impact:

  • ESSEX FELLS: $21/month 
  • FAIRFIELD: $15/month 
  • NORTH CALDWELL: $22/month 
  • ROSELAND: $15/month 

Question 2

Referendum graphic with information regarding question 2 costs.

 

COST: $7.5 million 
STATE AID: $1 million 
Est. monthly tax impact:

  • ESSEX FELLS: $4/month 
  • FAIRFIELD: $3/month 
  • NORTH CALDWELL: $4/month 
  • ROSELAND: $3/month 

Further Details...

  • Payments would begin in fiscal year 2027-2028
  • 20-year bond borrowing term for each question 
  • Estimates based on a 4% interest rate. Actual rate is determined at the time of the competitive bond sale. 
  • Estimated tax impact based on assessed value, not market value 
  • Average assessments are $947,342 for Essex Fells, $530,788 for Fairfield, $800,484 for North Caldwell, and $639,995 for Roseland.
  • Avg. home assessments based on the most recent Average Residential Statistics report published by the New Jersey Department of Taxation.

Calculate Your Estimated Tax Impact

Find Your Assessed Value
  • Use this link for records search 
  • Click the green “Filter by Town” button in the top left corner 
  • Click “Filter by Town” again on the new page that appears 
  • Find your town in the list and click the box to the left of your town’s name to place a check mark in it 
  • Then click “Property Filter” or “Owner Name” and enter your street address or last name into the box 
  • Click the green spy glass to search, then click the gray “Show Results” button in the bottom right corner 
  • Scroll through the list of properties and click on yours 
  • Scroll down to find the Net Tax Value – that is your home’s assessed value 
  • Then use that value to estimate your monthly tax impact using the charts below

Record of Fiscal Responsibility

The West Essex Regional School District has addressed $12.4M worth of projects over the past 10 years with NO ADDITIONAL TAX INCREASE.