NJ S4334

Modifies the school district property tax levy cap from a flat 2% to the greater of the Consumer Price Index (CPI) increase or 2%

Creates a new allowable adjustment to the tax levy cap for school districts spending below adequacy, permitting them to raise additional taxes up to the amount needed to reach adequate funding levels

Appropriates $67,867,662 from the Property Tax Relief Fund to provide supplemental State school aid to approximately 200 districts that would otherwise experience funding reductions in the 2025-2026 school year

Ensures no school district receives less State school aid in 2025-2026 than it received in 2024-2025, with aid calculations based on equalization aid, special education categorical aid, security categorical aid, transportation aid, and vocational expansion stabilization aid

Tax levy cap modifications take effect in the second full school year following enactment, while the $67.9 million appropriation takes effect July 1, 2025