New Jersey’s new Governor Chris Christie is asking for a new constitutional limit on real estate taxes in this overtaxed state. And the people are loving it.
One of the biggest costs in home ownership is the yearly property tax bill. It is where local governments typically get their piece of the pie, and state and federal (unfunded) mandates get paid for.
But for homeowners the tax increases can be very painful. Those on fixed incomes seeing higher utility costs can be overwhelmed when the tax bill comes in and it has a large bump from the year before.
So the effort by Christie to limit these tax increases, which have been growing in the state at an astounding rate, is welcome news not just to the residents.
On Tuesday, more than 200 New Jersey mayors — Republicans, Democrats and Independents — signed on to support Governor Christie’s push for a constitutional amendment capping real estate tax increases at 2.5 percent.
More than 50 of them attended a Trenton news conference where Christie urged legislators to act on a plan to put the question on the November ballot.
There’s a two-week window of opportunity to get the process moving and Christie urged legislators to start holding hearings first thing on Monday morning: “I’ve heard those who oppose it and advocate other plans say if you did it by constitutional amendment, you wouldn’t be able to change it. And my response is, exactly. That is the whole point.”
Assembly Democrats are pushing a 2.9 percent cap, imposed by statute, which could be changed.
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