Toms River School District inks deal that could lower property taxes
The Toms River School District inked a five-year, $2 million deal Tuesday to put the Poland Spring name on High School Norths Ritacco Sports Center. The schools superintendent says the deal could end up lowering property taxes.
The sports center packs in thousands of people for several events including basketball, boxing and concerts. Superintendent Michael Ritacco says the Poland Springs deal is a great way to start relieving the property tax burden. Ritacco says kids will get more and it will cost taxpayers less.
Ritacco predicts the deal will take at least a penny off the tax rate. According to the township tax assessor, every penny equates to approximately $600,000 in spending.
Some homeowners say anything that will lower taxes is a benefit to the taxpayer. However, other residents believe there should not be commercialization in the schools.
The school district already has sponsorship deals with Pepsi, Nike and Modells. The Poland Springs deal is currently in legal review.