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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 has translated into lower overall levels of dedicated library funding.