Well it looks like the legislature is going to pass the tax credit this year. What is unclear is whether the thing will be sustainable. Governor Corzine required a comptroller and a 4% increase cap on future increases. That legislation is on track. Now do get me wrong, the government letting me keep my money is real important to me, nice of them too; but, is that really what’s happening?
First up, the Democrats:
Have property tax assessments been decreased across the board? No, at this point it probably cannot just be decreased. Has anything been done to decrease the amount NJ residents will have to pay next year? Well sort of… If Democrats have their way, most New Jerseyans will pay 20 percent less and the municipality will collect that 20 percent from the state. The state would foot 20 percent of the bill for household with incomes below $100,000 with higher incomes getting less. They are working on making the thing sustainable.
Republican Naysayers:
Republican colleagues have complained that everyone should have the same amount of relief. (If everyone had the same income, equal credits would make sense – what NJ resident would mind an income greater than $100K per year?) Other Republicans say the credit is not sustainable. (Don’t you just hate naysayers who are just so stuck on their side of the isle agendas instead of helping slay the runaway property tax beast?)
Is it too much to hope for a bipartisan effort to reform property taxes that recognizes those most in need of relief have less gross income start with or is bipartisan teamwork a fallacious fantasy?
Read the McNichol and Hester article
Read the AP article.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Tax, Property Tax, Property Tax Reform, Property Tax, Tax Reform
For more information on Real Estate in New Jersey visit here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment