New Jersey residents, long bedeviled by the highest property taxes in the nation, may finally be getting a break, according to a plan from Governor Murphy. But it comes with a significant catch. Murphy says a property tax break can only be implemented if his proposed millionaire tax is passed.
The millionaire tax is expected to pad state coffers with an additional $447 million which would free up $250 million which could go towards a reduction in property taxes which would benefit 784,000 middle class households. If passed, the millionaires tax would affect 20,000 New Jersey resident and 19,000 non-residents.
Murphy is using his proposal as a way to force Democratic lawmakers to pass the millionaire tax, a tax which Murphy has championed for years. But top state lawmakers have been staunchly opposed to such a tax, saying it will drive wealthy people, who help grow the economy, out of New Jersey. Senate President Stephen Sweeney slammed Governor Murphy over his idea, saying New Jersey taxpayers are “smarter than that.” Instead of putting out silly proposals, Sweeney says the governor should look to make positive changes. “It’s time to fix things and stop the gimmicks” said Sweeney.
Murphy for his part says he is serious about his idea. “I don’t think it’s a gimmick to ask 19,000 people who can afford to pay it to fund property tax relief for millions in the middle class,” said the governor.
Putting aside the idiotic idea that raising taxes helps thats a whole different discussion.
can someone teach me me basic math????
if such a tax would pad coffers with $447 million how does that free up only 250 million???
OH I get it now. he wants more money to spend so hel tax the rich for 447 million and then give tax relief of 250 million and hes left with rest. Oh i get it what a genious.
When will people going in to the voting booth wake up?????????????????????
This is a new battle between the Murphy camp and the Sweeny camp. Its especially getting bitter with investigations into the powerful Norcross family from Camden. There is a split among the dems which is good since it blocks the progressive agenda
Can anyone tell me one time a new tax was implemented that actually lowered taxes in another area? I have a gut feeling it hasn’t really happened. Therefore, I am highly skeptical anything “good” will come if it.
The largest portion of local property tax is the public schools. Better management, such as eliminating town level School Boards, Superintendents and other administrative costs in favor County level, would be a better starting point.
What going to happen when the 19,000 millionaires run for low taxed states? Property price goes back up but even higher Because the millionaires are gone!! Dumbest proposal ever. just lower the property price and people will move in and that will bring in more taxes
Agree with Lakewood Mom. As an NJ district employee, the waste the goes on at the town and city level is ridiculous. If the whole NYC can have one public school system, counties in NJ should be able to manage it.
since most of the property taxes are paid by citizens who dont use the public schools, how come lakewood schools are not the best in the nation
Because we spend 50% of the budget on busses instead of teachers and text books. Another 25% goes to fixing old, failing buildings, as well as State and Federal loans for fixing the old buildings. A long, sad story. Lakewood would be better off if we closed the schools and bussed the kids to other towns.
If I were one of those 19,000, I’d be outta here ASAP.
What a dumb____ idea.
Murphy’s Law
sweeney has dominated NJ politics for too long
If you do the math, the property tax relief will be $318 dollars. Just a drop in the bucket when you are paying $15,000 or more in property taxes.
This is a vote getter scam, remember they are up for re election this November and the last thing Murphy wants is a bunch of Republicans replacing his “tax and spend Democrats”. He just skimmed $197million off the top, what makes you think that after November when everyone falls for this lie and vote back in the Democrats he doesn’t take back this $250million and give it to his illegals.