NJ S2911

Establishes a $2 billion School Property Tax Relief Trust Fund in New Jersey's Department of Education, funded from the General Fund and federal American Rescue Plan Act coronavirus recovery funds

Creates a grant program for school districts to fund capital improvement projects, hire teachers, and cover wage and benefit increases, with grants available as lump sum or spread over five years

Requires school districts accepting grants to freeze their adjusted tax levy for five consecutive budget years and prohibits "cap banking" (carrying over unused tax levy increases) in the sixth year

Gives application preference to districts pursuing consolidation or shared services agreements and to districts in municipalities meeting their affordable housing obligations

Mandates the fund operate in perpetuity, with the Commissioner of Education prohibited from making grants that diminish the trust fund's long-term viability