ASSEMBLY APPROVES A-2921. PROPERTY TAX RELIEF RESTORATION FIGHT MOVES TO SENATE. VOTE SCHEDULED FOR THIS THURSDAY.
June 27, 2012 – (RealEstateRama) — Thanks to the efforts of local officials all around New Jersey, and the State officials who recognize and appreciate their service, we are one giant leap closer to the restoration of vital municipal property tax funding.
Yesterday in Trenton, the Assembly approved A-2921 on a bi-partisan vote of 51 – 14, with 14 abstentions. The Senate, which adjourned without taking action of this matter, will return to the State House on Thursday. Senators will, then, be given the chance to vote on A-2921 and its companion, S-1900.
We thank the sponsors of A-2921. They are Assemblymen Troy Singleton, John Burzichelli, Gary Schaer, Wayne DeAngelo, Albert Coutinho, Daniel Benson, Vincent Prieto, Benjie Wimberly, Assemblywoman Bonnie Watson Coleman, Assemblymen Reed Gusciora, Gordon Johnson, Assemblywoman Connie Wagner, Assemblymen Timothy Eustace, Thomas Giblin, Ralph Caputo, Assemblywoman Marlene Caride, Assemblyman Patrick Deignan, Assemblywoman Valerie Vainieri Huttle, Assemblymen John McKeon, Herb Conaway and Craig Coughlin.
We also thank the other legislators who voted in favor of this property tax relief restoration initiative on Monday. They are Speaker Oliver and Assemblywomen Jasey, Jimenez, Lampitt, McHose, Mosquera, Quijano, Riley, Spencer, Stender, Sumter, Tucker and Assemblymen Albano, Amodeo, Barnes, C.A. Brown, Chivukula, Connors, Cryan, Egan, Fuentes, Green, Greenwald, Mainor, Milam, Moriarty, O’Donnell, Ramos, Wilson and Wisniewski.
A-2921/S-1900 would phase-in, over five years, the restoration of $331 million in municipal property tax relief funding. Municipalities sacrificed that $331 million in State Fiscal Years 2009, 2010 and 2011, to support the State’s budget in those difficult years. As a result of the cuts in SFY 2009, 2010 and 2011, some municipalities were forced to increase property taxes, even as they reduced total spending.
First year funding of the restoration would be about $66 million. The bills ensure that each municipality in the State will be restored to the 2007 (SFY 2008) Energy Tax Receipts (ETR) and Consolidated Municipal Property Tax Relief Aid (CMPTRA) level, over 5 years.
The League of Municipalities has asked the Senate to approve A-2921/S-1900. The sponsors and supporters of these bills acknowledge that the restoration of these resources will allow Mayors to provide their citizens with real property tax relief this year.
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For further information contact: William G. Dressel, Jr., Executive Director at (609) 695-3481, extension 122 or 609-915-9072.
