"Fully Funding Schools and Cutting Property Taxes Act"; repeals certain sections of law; requires additional aid to lower property taxes commensurate with residents' ability to support schools; appropriates $2.9 billion.

This New Jersey bill, titled the "Fully Funding Schools and Cutting Property Taxes Act," aims to reduce property taxes for residents by directing an additional $2.9 billion in state funding to school districts. The legislation requires school districts that receive increased state aid to lower their adjusted tax levies by an equal amount, ensuring that the financial benefit of the new funding translates directly to lower taxes for local homeowners. Furthermore, the bill mandates that districts receiving this aid must cut their budgets to match the increase, preventing the use of extra state money to raise overall spending. By establishing these conditions, the law seeks to balance the need for adequate school funding with the goal of making education more affordable for New Jersey families.