March 20, 2014 Christie Administration Announces Continued Historic Progress In Controlling Property Tax Growth
Christie Administration Announces Continued Historic Progress In Controlling Property Tax Growth
Data Shows Approximately 80 Communities With Tax Decreases,, Another 80 with Increases Below 1%
1.7% Levy Increase Overall and 1.3% Increase for Average Residential Property Taxes
Trenton, N.J. - The Christie Administration today released the 2013 property tax data for the state’s 565 municipalities. The figures released by the New Jersey Department of Community Affairs (DCA) show that property taxes decreased in more than 80 communities, increased by less than 1 percent in approximately 80 more, and on average increased by 1.3 percent last year on the average residential property. It's the third consecutive year of an historic property tax trend.
“By any measure, Governor Christie’s property tax reforms have been a resounding success as demonstrated by the third straight year of property tax restraint with more than 160 communities seeing either decreases in taxes or increases of less than 1 percent,” said DCA Commissioner Richard E. Constable, III.
Under Governor Christie’s leadership, a bipartisan property tax cap is now in effect, and other reforms initiated by Governor Christie have made it possible for towns to do better than the cap requires.
The Christie Administration led the way in passing pension and health benefits reforms and enacting interest arbitration reform that reduced costs to taxpayers. These efforts are yielding benefits for New Jersey taxpayers with local governments projected to save close to $122 billion in pension and health benefit costs over the course of the next 30 years. Also, the Governor in his budget address announced that local government pension bills for 2014 are expected to be lowered by an additional $135 million.
“Progress will continue and accelerate if the Legislature renews the binding arbitration law and passes the accumulated leave liability reform that Governor Christie has championed,” Commissioner Constable said. “Taxpayers want the Legislature to continue the Governor's reforms so we don't return to 4, 5 and 6 percent annual property tax increases."
The 2013 property tax data is available on the DCA website here.