Fewer rebates raises property tax burden in New Jersey
A new assessment by NJ Spotlight shows a surprising finding. With all of Republican Governor Chris Christie’s talk about opposing new taxes, it turns out that New Jersey residents pay more in property taxes now than under Democrat Jon Corzine.
NJ Spotlight states in a recent story: The net increase in actual out-of-pocket property tax payments by New Jersey residents occurred even though the 2 percent cap and other policies pushed through by Christie and Senate President Stephen Sweeney (D-Gloucester) limited the actual growth of property tax bills.
To understand this, writes Mark J. Magyar, you need to understand that property tax rebates were used more often under the Corzine administration. So, while future property tax hikes are capped to 2 percent, we’re paying closer to what the property tax rate is.
If you want a deeper explanation, check out the interview I did with NJ Spotlight’s Managing Director Lee Keogh in the attached podcast.
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