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How is the library funded

New Jersey State Law mandates that municipalities with local libraries allocate funding according to the one-third mill formula. With this formula, local libraries receive 33 cents for every $1,000 of assessed property value. In other words, property owners assessed at $100,000 would pay $33/year, less than a dollar per week, for library service. While most municipalities fund the library above this minimum amount, the drop in property values since the recession and the covid-19 emergency has translated into lower overall levels of dedicated library funding.