***MULTIMEDIA PACKAGE*** ASSEMBLY DEMOCRATS ON PLAN TO CAP PROPERTY TAX INCREASES AT 2 PERCENT ANNUALLY

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(TRENTON) — Democratic members of the Assembly Budget Committee issued a multimedia package Wednesday in which they discuss plans to cap annual property tax increases at 2 percent.

The multimedia package consists of a video on the cap plan, audio of the same and a transcript of statements from the Democratic legislators.

The video can be accessed directly via our website — www.assemblydems.com — or by clicking here.

The audio file is available upon request.

A transcript of statements from the lawmakers is appended below:

Assemblyman John J. Burzichelli (D-Gloucester):
“I think moving from a 4 percent cap to a 2 percent cap is a direction people want to hear, and is also practical, considering the experience we’ve had and the success of the 4 percent cap.”

Assemblyman Gordon M. Johnson (D-Bergen):
“The Assembly has been working on this for a while. Assembly members worked on this under a 4 percent cap, so now it’s down to 2 but the basic structure was put in place by members of the General Assembly as a way to control property taxes.”

Assembly Budget Committee Chairman Louis D. Greenwald (D-Camden):
“This will give a cooling off period for property taxes. It will help stabilize the property tax base. It deals with some of the exceptions that were very important to the Assembly caucus.”

Assemblyman Peter J. Barnes III (D-Middlesex):
“We’re removing the constitutional mandate and making it a statutory enactment, which gives us a lot more flexibility.

“The supermajority — that provision was initially at 60 percent override but now it’s at 50 percent plus one, which is a fairer override.

“We’ve included some additional exemptions which are important, such as pension and health care and others that, really, a fair cap needs to include.”

Greenwald:
“The people of New Jersey believe they are overburdened by taxes, primarily because of what they pay in property taxes. This will help stabilize that and hopefully there will be an honest debate and dialogue on how we can go to some other means to pay for local governments than just solely property taxes.”

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