NJ Senate President Proposes Property Tax Cap Plan

champion gruen picNew Jersey Senate President Stephen Sweeney says he will introduce legislation Monday to limit annual property tax increases to 2.9 percent. The Democrat’s proposal differs from Republican Gov. Chris Christie’s plan for a constitutional amendment banning local governments from raising annual property tax collections by more than 2.5 percent without voter approval.

Sweeney’s measure would impose a statutory cap, down from the current 4 percent cap. He says the 2.9 percent figure closely mirrors inflation, meaning towns could budget based on “realistic cost increases.”

It also would allow “cap banking,” meaning towns that keep increases below the cap could set-aside the difference for future use should emergencies arise.

Assemblyman Paul Moriarty, D-Turnersville, has introduced a bill in that chamber to lower the 4 percent cap to 2.5 percent. AP

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  1. Tipshus, there are so many factors that can require fluctuating increases above 2.5%, including population changes, inflation changes, health care costs and countless other minor changes. Voter approval will cost more to litigate and educate the public each year that such increase is necessary. That’s the purpose of the school board and other elected officials. There can’t be voter referendums for such minor changes. There should be governmental checks and balances in place to prove and approve such cost increases if and when necessary. It would be more important to have voter referendums on the federal government’s massive bailout packages and foreign aid packages that ultimately cost individual taxpayers more than these property tax increases.

  2. i just received my tax bill last week. 14th street area. my tax went up $1,000 per quarter. it went up 33%. it went from $3,000 per quarter to $4,000 per quarter….is that legal? is that normal? can the askonim do something about it? something is wrong…a comitte should be formed…why did the tax bil only come after the elections..i m very concerned…can the oilam share with us what increse did they receive?

  3. attention Lakewood residence….. what was you preliminary tax bill just received? how much did it go up by? 25% 30% 35%..please check your bill and share with us the information…something is wrong!!!!! we need to do something about it!!! 33%????????????

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