NJ S552

Authorizes school district boards of education to establish a "school property tax relief trust fund" by resolution to accept bequests, legacies, and gifts

Requires boards to select a non-member, non-employee trustee by majority vote to serve as fiduciary agent and manage the fund, with compensation limited by regulation

Mandates that all net proceeds from the trust fund be used exclusively to reduce or offset local property taxes collected by municipalities in the school district

Requires the trustee to remit funding to local tax collectors, who must credit the payment by deducting it from the total property tax levy for that school year

Directs the Commissioner of Education, in consultation with the Division of Investment in the Department of Treasury, to establish rules for the trust funds and provide assistance to school boards