THE BILL UTILIZES ENERGY TAX FUNDS TO REDUCE TAX LEVIES IN MUNICIPALITIES
WASHINGTON, D.C. – (RealEstateRama) — The Assembly Appropriations Committee today approved Assemblyman Parker Space’s legislation to lessen the burden on property taxpayers by increasing energy tax receipts to municipalities for property tax relief. Space’s bill (A302) requires towns to subtract the additional aid from its adjusted tax levy, benefiting property taxpayers.
“New Jersey is unaffordable, and our highest property taxes in the nation deserve much of the blame,” said Space (R – Sussex). “Local governments, benefiting from more aid, can provide direct relief to overburdened property taxpayers. This is a step toward making the state affordable again.”
The bill increases the distribution of property tax relief aid from energy tax receipts. Phased in over a five-year period, the increase restores approximately $331 million in reductions to consolidated municipal property tax relief aid (CMPTRA) and energy tax aid.
Assemblywoman Gail Phoebus, a member of the Assembly Appropriations Committee, voted in support of A302.
“High property taxes is the number one issue New Jerseyans face,” said Phoebus (R-Sussex, Warren, Morris). “I look forward to cosponsoring this bill soon and I applaud all the prime sponsors for bringing this issue to the forefront of the Legislature this year.”