Flood of Property Tax Appeals Expected Again — Relief in Sight?
Recent newspaper articles have highlighted the need for property tax reform in New Jersey. An article in the Asbury Park Press discussed whether property tax relief enacted by the government had been successful, while another article in the Hudson Reporter focused on what taxpayers can do to appeal their property taxes.
Asbury Park Press Senior Political Columnist Bob Ingle offered the following analysis of New Jersey’s 4% property tax cap:
“How well did Corzine’s 4 percent cap on property taxes work? The Star-Ledger examined the data and found nearly a third of the state’s 566 municipalities went beyond the cap with the state’s permission last year. Many, the paper said, could show the town was almost dysfunctional. Of 33 school districts wanting to exceed the limit, 25 were approved. Senate President Steve Sweeney told the publication it’s time for a second look at waivers. He said, “It really comes down to, ‘Yes, we know you want lower taxes, but lower taxes can’t come with the amount of government that we have.’” That’s the essence, isn’t it? If you want bloated, almost dysfunctional government, you have to pay for it. If you want lower taxes, you have to settle for less or insist on a lot of efficiency. Why put in a cap then let a third of the municipalities exceed it?”
A copy of Bob Ingle’s article may be found here.
The Hudson Reporter article stated that state and local governments are bracing for another flood of property tax appeals as property values continue to decline. The article also notes that municipalities are concerned because a decrease in tax assessments also means a decrease in revenue.
A copy of the Hudson Reporter article can be found here.
For information concerning property tax appeals, visit McKirdy & Riskin’s Property Tax Law Blog.