The package of bills approved Thursday has bipartisan support.
“It is no coincidence that the very first Senate committee hearing of the new legislative session is focused on tackling our state’s high property taxes and making our state more affordable,” Sen. Troy Singleton said in a statement after Thursday’s vote., which would increase the amount of funding distributed to municipalities in the state from the Energy Tax fund beginning in 2023. The bill requires that municipalities use the new funds to reduce their property tax levy.
“Since 2008, we estimate approximately $14 billion has been diverted from municipalities to the state’s budget,” Buckelew said. “The time has come to restore to local budgets the millions in property tax relief that have been annually diverted to meet the state’s needs.” “I appreciate that some of my Democrat colleagues now seem willing to work with Republicans who have long sought to address the affordability concerns of New Jerseyans,” Schepisi said. “It’ll take a bipartisan effort to convince the Murphy administration that a wholesale shift in tax policy is desperately needed to turn the Garden State around.”
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