Will Income Tax Be Used to Offset Property Taxes?
Assemblyman Suggests Income Tax Increase to Shoulder Property Tax Burden
New Jersey Assemblyman Louis Greenwald (D-Camden) has suggested a cure for the State’s “addiction” to local property taxes . According to an article in the Star-Ledger, Assemblyman Greenwald “wants towns to be able to decide by voter approval whether to set own sales and income taxes so they can rely less on property taxes. The revenue from any other taxes would be used to offset property taxes.” Municipalities currently collect property taxes based on the assessed value of properties within their boundaries. Additional municipal revenue is generated by an increase in the tax rate collected per $100 of assessed value. More details on the appeals process can be found here.
The current suggestion for reducing property taxes is just one of several that have been proposed over the past couple of years. For more on other proposed changes, please see the following blog posts:
Senate Passes Tax Appeal Reform for Monmouth County
Farmland Assessment Practices Growing Concern for Two Senators
Contaminated Property Would Be Assessed As-If Remediated Under Proposed Legislation
The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.
Related articles
- Christie: Democrats not helping on local taxes (philly.com)
- Democrats Respond to Christie’s Statements in Evesham (gloucestercitynews.net)
