Permits board of education to accept donations for purpose of providing property tax relief.

This bill allows New Jersey school districts to establish a trust fund using donations (such as gifts or bequests) to directly lower local property taxes for homeowners. School boards must create the fund through a resolution and appoint an independent trustee (not a board member or employee) to manage the money. The trust fund's proceeds must be applied to reduce the property tax levy, with the tax collector crediting the funds against homeowners' bills. The state's Division of Investment will provide guidance to school districts on setting up and managing these trust funds.