New Jersey, like many states, has long struggled with the tension of maintaining a well-funded public education system while not overburdening residents with high property taxes. New Jersey's school funding formula, 2008's School Funding Reform Act (SFRA), includes a determination of how much local funding -- raised through property taxes -- is necessary to support each school districts' budget. At the same time, New Jersey also has a property tax cap that is intended to keep spending down and protect residents from large annual increases in their property tax bills. In many school districts across the state, these two laws are in opposition: one law requires districts to raise taxes to meet their local funding obligation under the SFRA, and the other restricts the amount of local revenue that can be raised through the school tax levy. In this report, the author demonstrates how the property tax cap and funding expectations under the SFRA are in conflict and contribute to disparities in educational opportunities for many New Jersey students.