Montclair’s $18 Million School Crisis Leaves Taxpayers on the Hook
Property values in the New York suburb soared during the pandemic. A vote on whether to raise taxes to close a school deficit is now testing both new and longtime residents.
A sign encouraging residents to vote yes to two referendum questions that were scheduled for a December 9th vote in Montclair, New Jersey. The vote has been rescheduled for March 10.
Photographer: Aristide Economopoulos/BloombergThe schools in Montclair, New Jersey, are facing a deficit of nearly $18 million. Some residents of the New York City suburb worry that leaving it to taxpayers to clean up the mess could make living there unaffordable.
Real estate prices soared in the commuter community during the pandemic, as an influx of city dwellers seeking more space and top-flight public schools took advantage of low mortgage rates. By 2024, the average monthly median sale price of a home in Montclair was just over $1 million, up by roughly 50% in five years, according to Realtor.com data.