Month: March 2022

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Property tax relief coming for nearly 2 million New Jersey homeowners, renters

March 3, 2022 The Center Square

(The Center Square) – Roughly 1.8 million homeowners and renters are to be distributed $900 million in property tax relief, New Jersey Gov. Phil Murphy announced. Under the Affordable New Jersey Communities for Homeowners and Renters Property Tax Relief Program, homeowners making $250,000 or less per year can receive a $700 rebate on average in fiscal 2023. It would ostensibly reduce the effective average property tax rate back to the 2016 level for many households

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Municipalities would benefit from New Jersey energy fund in Senate measure

March 2, 2022 The Center Square

(The Center Square) – Municipalities would benefit from the state’s “Energy Tax Receipts Property Tax Relief Fund” in a measure being considered by the New Jersey Senate. The measure, S-330/A-1012, which the New Jersey Senate Budget Committee advanced, would increase funding distributed to municipalities by roughly $330 million annually as part of a two-year phase-in period. Municipalities would be required to use the funds to reduce their property tax levy. “Property taxes are a business

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Safeguard from inflation for taxpayers advanced by New Jersey Senate committee

March 1, 2022 The Center Square

(The Center Square) – Legislation sponsors say will keep New Jerseyans from paying taxes in a higher tax bracket because of inflation has been advanced by the Senate Budget & Appropriations Committee. The measure, S-676, “indexes for inflation the taxable income brackets under the New Jersey gross income tax.” Under the proposal, state officials would revise tax brackets annually. The bill “will protect New Jerseyans from paying higher income taxes due to inflation and provide