Permits board of education to accept donations for purpose of providing property tax relief.

This bill allows New Jersey school districts to establish a trust fund that accepts donations like bequests, legacies, or gifts to reduce local property taxes. School boards must create the trust by resolution and appoint an independent trustee (not a board member or staff) to manage the funds, which must be used exclusively to lower the district's property tax levy. The trustee sends the funds to the local tax collector, who applies the reduction directly to each property owner's tax bill for that year. The bill does not affect school districts' eligibility for state aid.