Where does our school tax go?

I had written about school taxes long time ago but need to visit this one again since I got an email and by regular mail from my daughter's school that they are having a vote on issuing bonds to fund the repair/renovation of the school facilities. Now my question is where our whole property taxes do go which includes the school tax that we pay each year. I mean when I get the tax breakdown from the town I live in, it seems that I pay almost 25 percent of the property tax to support schools and I am just on the average side of the property tax as people who don’t have kids still have to pay the property tax (which includes the school tax) and I have many homes in my town which average more than a million and their property taxes goes into five figures but still it is not enough to support the school system. And if you have noticed that all year long there several fund raisings going on to benefit the school. I am all about the welfare and education of the children as being the top priority but where does all this huge funding of schools through our taxes go. Although I know that they provide statistics but still in my district things have not been upgraded for the last sixty years (as their email states). And even if the property taxes are raised to address this school funding, I am sure there will always be shortfall of funds in any given year. That is why New Jersey has become one the highest taxed states in the nation but supposedly we are always short of funds, I don’t know where the money goes and I am not happy about it a bit.