Record Article Demonstrates Savings NJ Taxpayers Would Realize Under Plan
Senator Kevin O’Toole, a member of the Senate Budget and Appropriations Committee, issued the following statement regarding Governor Christie’s town hall meeting on the proposed 2.5 percent property tax cap:
“Only two weeks ago The Record published an article that clearly demonstrated that a mandatory 2.5 percent property tax cap would have saved the average taxpayer $1,600 per year if it had been in effect for the past ten years. This is a compelling reason to move quickly to ensure that this reform legislation is on the November ballot.
“Only yesterday the front runner in the race for Governor of New York called for a property tax cap in order to impose fiscal discipline on the other side of the Hudson. Attorney General Cuomo, the son of the former Democratic governor, acknowledged that a property tax cap would effectively end the runaway spending that is also plaguing New York State.
“For nearly 40 years New Jersey has been struggling with highest in the nation property taxes that now average over $7,200 per taxpayer. The sales tax, income tax and other the other sundry revenue raisers that have been enacted have done nothing to slow the logarithmic growth of property taxes.
“A hard property tax cap has worked in other states including Massachusetts and California. It is time that New Jersey imposes a constitutionally mandated property tax cap.”