LOCH ARBOUR - Loch Arbour residents are looking into all options for tax relief after they saw their property tax bills nearly triple this year.

Some homeowners say they're considering changing their form of government to help ease the tax burden. Voters in Loch Arbour just created a five-person commission to investigate whether changing its form of government from a village to a municipality with a board of commissioners will void contracts with Ocean Township.

A new school funding law passed under former Gov. Jon Corzine's (D-N.J.) tenure requires school taxes to be based on property assessments and not on the number of kids in school. For the oceanfront community of Loch Arbour, that means the agreement it had with Ocean Township to pay a fraction of that for its few students no longer applies. There are only about 150 homes in the village and about 30 percent are summer rentals with homeowners who vote elsewhere.