Dear Friend:
As you may know, the New Jersey Senate passed a 2 percent cap on property taxes today. This is great news for residents who have been routinely subject to more than 7 percent property tax increases over the past decade.
Under the new law, property tax increases would be capped at 2 percent annually with a limited number of exemptions, including voter override. If a municipality feels they need to go over the cap they must first get voter approval.
New Jersey residents will finally have both predictability and control when it comes to their property tax bills. Giving voters a choice will help prevent another family from moving out or another business from closing due to rapidly escalating property taxes.
This cap represents the change necessary to make New Jersey affordable once again without compromising public safety or essential government services, like trash collection or snow removal. This is a major step toward reining in runaway government spending.
New Jersey is building a new and stronger economic foundation and the passage of this cap reflects the change Trenton has needed for a long time.
However, more work needs to be done!
In addition to the 2 percent cap, there are more than 30 additional bills that have been introduced to lower taxes and provide permanent property tax relief. The Legislature plans to meet over the summer to discuss and debate these proposals with the intent of having a vote in the fall at the very latest. The sooner we can effectuate real reform the better.
I hope you find this message informative and if you have any questions, comments or concerns regarding the 2 percent cap or any other issue facing New Jersey, please do not hesitate to contact me.
Sincerely,
Tom Kean
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