Topic: Property Tax Collections
Thursday, 05 July 2012 by David H. LeVan
It looks like New Jersey is thinking about joining North Dakota in messing around with the property taxes and tax laws. That is as long as Republicans and Democrats can settle on the details, but that’s a whole other issue.
The Reuters published article by Hilary Russ, explains that Republican Governor Chris Christie’s proposal of a 10% tax cut across the board to be implemented over three years was based on his projected growth in New Jersey revenue. Unfortunately, New Jersey is still trying to recover from a previous budget shortfall of 2012 and 2013 combined of $676 million that some experts think may reach $1.3 billion. I mean that is just the tip of the ice berg, Russ also writes about the proposal for $2 billion in bonds for improving public transit and higher education facilities.
The Democrats idea of property taxes cuts is tied to state revenue. As the state hits certain amounts of increased revenue then tax relief will be set into motion. They also will aid in the revenue gathering by making the property tax benefit available only to those earning less than $250,000 per year.
Don’t buy those Bon Jovi tickets just yet, Christie is almost certain to veto the Dems proposal that has already made it through the New Jersey Senate Budget Committee along with the 2013 budget of $13.7 billion. Now that’s a lot of Nathan’s hot dogs.
I guess I will believe it when I see it, and I probably won’t. I’m just concerned that this trend of attempted property tax cuts could become the newest smoke screen for the upcoming elections and distract voters from the major core value issues at hand.
I propose a tax plan where the state increases revenue through increasing taxes on tanning, nail polish, and gym memberships. Hold a special public vote in August while the whole of New Jersey will be “down the shore” and not in a voting booth. Pure genius, right?