NJ S981

Authorizes New Jersey school boards to establish school property tax relief trust funds by resolution to accept bequests, legacies, and gifts from donors.

Requires trust fund proceeds to be used exclusively for reducing or offsetting local property tax collections in the school district.

Mandates board of education to select an independent trustee (not a board member or district employee) by majority vote to serve as fiduciary agent of the fund.

Directs the Division of Investment in the Department of the Treasury to provide counsel and assistance to school boards in establishing and maintaining these trust funds, including investment management.

Requires public disclosure of trust fund amounts in budget notices and statements, with the trustee remitting funds directly to local tax collectors to credit against the property tax levy.