This bill amends R.S.54:4-3.6 to eliminate the property tax exemption for housing provided to faculty and other employees at educational institutions, such as colleges and schools. Currently, all buildings used for educational purposes, including faculty housing, are exempt from property taxation. The proposed changes specify that only student dormitories, a maintenance supervisor's residence, and a presidential residence will retain this tax-exempt status, while faculty housing will no longer be exempt. This adjustment aims to address the financial burden on local property taxpayers, as faculty members often have children attending public schools without contributing to the funding of their education through property taxes.

The bill emphasizes that the removal of the tax exemption for faculty housing will ensure that educational institutions contribute to the local property tax base, thereby supporting municipal and county services. By requiring these institutions to pay property taxes on their faculty housing, the bill seeks to alleviate the financial strain on other taxpayers who currently bear the costs associated with educating children of faculty members and providing local services. The act is set to take effect on January 1 following its enactment.