New Law Makes School Budget Votes a Thing of the Past

Recently, Governor Christie signed into law a bill that would allow school board elections and budget votes to be moved to November, as opposed to the usual time in April.  One of the provisions, in line with the 2% cap on property taxes increases, is the elimination of a vote on school budgets that fall with this limit.  Is this change a good thing?

Some would argue that it removes a check on school districts on how they spend taxpayer money.  On the other hand, the 2% cap already provides that safeguard, and a vote is necessary is exceed that cap.  Most importantly, it takes away the yearly financial uncertainty, which allows districts to better plan for the long-term, which arguably improves the quality of education, and ultimately, to quality of life in the community as a whole.

From a real estate standpoint, educational quality is an important factor for families considering a home in a particular community.  The perception of the strength of a school district and its benefits can impact demand for homes in an area, ultimately affecting home values.  In the past, a school budget that consistently failed has not sent a positive message to consumers.

While this new law may help in this one area, it's important for community members to take an interest in their public school system.  This is not only a matter of accountablity and good stewardship, but also because it directly impacts home values for residents, who often depend on their dwelling as an investment for the future.  If school performance could be a difference of 10-20% (or even more) in property values, it's probably worth it to take an interest to ensure its success.

For more info on the law, .