WITH BOND FUNDING,
HANOVER TOWNSHIP

Captures $23.7 million in state aid to offset the local tax impact 

Spreads debt payments over 20 years, similar to how a homeowner finances major improvements 

Ensures our school buildings are well-maintained for decades to come 

MAXIMIZING STATE AID

If voters approve the referendum, the State of New Jersey will contribute approximately $23.7 million toward the total project cost of $69.8 million, helping offset local costs by approximately 34%.  

This is funding that Hanover Township residents already contribute through state taxes. The only way to bring these dollars back to Hanover Township Public Schools is through voter approval of a bond referendum.  

ESTIMATED TAX IMPACT

$69.8 million in school improvements
$23.7 million paid by the state 

If approved by voters, the estimated tax impact for the average Hanover Township home assessed at $431,500 would be approximately $32 per month.  

The bonds would be repaid over a 20-year period, allowing the district to make critical improvements today while spreading the cost over time. The cost is shared among all taxable properties throughout Hanover Township.  

UNDERSTANDING ASSESSED VALUE

Property taxes are based on a home's assessed value, not its market value.  

When estimating your tax impact, use your home's assessed value. You can find it through your municipality's online property records. 

FIND YOUR ASSESSED VALUE

SENIOR TAX RELIEF

Seniors in New Jersey use one application to apply for three property tax relief programs. The State of New Jersey identifies seniors as residents age 65 and up.  

Eligibility criteria vary for each program: 

• Affordable New Jersey Communities for Homeowners and Renters (ANCHOR): The 2025 income threshold is $250,000 for homeowners and $150,000 for renters. Residents under age 65 who meet the income criteria can benefit from the ANCHOR program; the state auto-files for most of these taxpayers, while seniors use the combined property tax application.  

• Senior Tax Freeze: Once applicants are approved, their property tax payments are “frozen” at the current amount, and they will receive a rebate if taxes increase. Eligible seniors must have lived in their homes since at least December 2022. The total household income limit for 2025 was $172,475. 

• Stay NJ: The state’s newest tax relief program is open to seniors with an annual income under $500,000. The program reimburses applicants for 50% of their property tax bills, up to a maximum of $13,000 (equal to a $6,500 benefit cap).

LEARN MORE AT THE DIVISION OF TAXATION WEBSITE