Measure Would Become Effective Quicker than Governor’s Version; Would Allow Flexibility to Address Unintended Consequences of Lower Cap
(TRENTON) — Assemblyman Paul D. Moriarty (D-Gloucester) issued the following statement Monday after introducing legislation (A-2945) to lower to 2.5 percent the state’s current four percent cap on local property tax growth:
“Building on the success of legislation sponsored and passed by Democrats in 2007, my new legislation will help place further downward pressure on New Jersey’s property taxes, lowering the existing tax cap from four percent to 2.5 percent.
“Since its inception, we have seen the average rate of tax increases in New Jersey lowered to 3.3 percent annually — proof that the existing cap is working to hold down property taxes. Having seen the success of the four percent cap, we think there is more tightening we can do and lowering the cap can help us do it.
“Gov. Christie has been calling for a constitutional amendment to create a 2.5 percent cap; this legislation would do the same thing, with two important caveats.
“Implementing the cap legislatively will put it in place immediately and will provide us with the flexibility to address any unintended consequences of lowering the cap to 2.5 percent. The governor’s plan would force us to wait until after the November election to implement the cap and would require amending the state constitution whenever a change to the cap is needed.
“Lowering the tax cap to help hold the line on our highest-in-the-nation property taxes is the right thing to do for the residents of New Jersey.”
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