O’Scanlon Calls for Swift Action from Assembly to Resuscitate Interest Arbitration Cap

WASHINGTON, D.C. – March 28, 2014 – (RealEstateRama) — Assembly Republican Budget Officer Declan O’Scanlon, R-Monmouth, issued the following statement after the Senate voted overwhelmingly to concur with Governor Christie’s conditional veto of A-3067, extending the interest arbitration cap through the end of 2017:

“The Governor has wisely trimmed away provisions that drastically limited the cap at the expense of the property taxpayers. These common-sense changes assure the survival of the 2 percent cap on property tax increases, and the continuation of the responsible, effective policies that for the last three years have held those increases to their lowest levels in two decades.

“I am proud of Governor Christie for sticking to his guns and doing the right thing for New Jersey residents who deserved far better than the bill the Democrats pushed through the Legislature this afternoon.

“The Senate is to be commended for overwhelmingly concurring with the Governor’s call to remove the fatal flaws from the bill and rescue taxpayers from service disruptions and tax increases.

“The leadership in the Senate moved swiftly for a resolution, but I’m disheartened that the leaders in the Assembly have yet to indicate when the house will convene for a vote on the revised bill.

“The ball is in their court now, and the clock is ticking. I am hopeful the Assembly leadership will act soon so taxpayers can be assured that Trenton is not going to undermine the property tax cap.”