From Bloomberg:
New Jersey Governor, Lawmakers Close to Agreeing on Tax Cut
New Jersey Governor Jon Corzine and Democratic legislative leaders said they have made “significant progress” toward providing homeowners with a 20 percent reduction in the state’s highest-in-the-nation property taxes.
The three met today to discuss proposals that would allow them to provide the tax cut. Corzine said they reached agreement on a 4 percent cap on property tax growth; creating a state comptroller position; a panel to explore municipal and school mergers; and stripping pension benefits from corrupt lawmakers.
“It was a very productive sit down in the effort to pull together property tax reform,” Corzine, 60, told reporters in Trenton after the meeting.
Lawmakers convened for a special legislative session that began in July, and in November presented 98 proposals they said would allow them to provide the largest reduction in property taxes in state history. The lawmakers adjourned last month without passing a majority of the recommendations.
From NJ.com:
State leaders agree to link tax credits to tax caps
Homeowners will not see the 20-percent property tax reductions lawmakers have promised them this year unless legislators also approve tight limits on annual increases in property taxes, Gov. Jon Corzine and the state’s two top lawmakers announced at a press briefing this afternoon.
“If you’re going to vote for the tax credit program, you’re going to have to vote for the caps as well,” said Sen. President Richard Codey (D-Essex), who joined Corzine and Assembly Speaker Joseph Roberts (D-Camden) for the Statehouse briefing.
The cap plan would require county, municipal and school officials to keep annual property tax hikes below 4 percent per-year, unless voters approve extra spending.
…
Corzine said, however, he will not sign any of the reform measures into law until the entire package of spending controls, reforms and tax credits has passed the Legislature.“My inclination is to hold the various pieces of legislation until we have them as a package, then deliver them,” he said.
That 20% tax cut for those earning less than $100k will be eroded in a little over 5 years by 4% annual tax increases. Those earning more, but still qualifying for some cut, say 10%, will see that cut eroded in 3.
jb
In case you haven’t heard – the latest on Hoboken is that most condo associations are getting slammed on their flood insurance and also basic P&C, since Hoboken is a flood zone. Already, a couple of Toll brother’s projects have upped the monthly maintenance fees over the projected amounts given to buyers.
Toll is blaming Katrina – which in fact IS true – insurance companies responding to that storm by reassing coastal risk. It just sounds like a big bunch of mularkey because that company is such a bunch of double talking cheapskates.
“Heidi and Greg Smith, who own Affordable Plumbing and Heat Inc. in Colorado Springs, said they were hit by a one-two punch in 2006. First, prices for copper and other materials skyrocketed. When the company hoped to offset those higher costs by doing more work, home builders cut back on construction. The result: Affordable Plumbing laid off 26 of 47 employees.”
“‘Instead of the subs being able to recoup the losses, building is down by 25 percent,’ Heidi Smith said. ‘So now it’s a fight to get the work, and you have to bid as low as you possibly can to undercut everybody else to get the work.’”
I can’t imagine all the little mom and pop businesses getting hurt and the loayoffs going unreported.
All of these bogus democrat plans cannot be achieved without reigning in the state and local employee union wages and bloated benefits——AND THAT IS IMPOSSIBLE TO DO BY THESE THREE BOZOS !!!—–EVERYTHING ELSE IS ONLY SMOKE AND MIRROR CRAP ! There cannot be any tax breaks without cutting the costs of doing business—The ‘democraps’ are wed to the unions too much to force these unions to give-up ANYTHING !!
HEY, YOU STUPID NEW JERSEY citizens voted for them- Most of you have NO common sense- Now you get what you ‘paid-for’—-They are and have ALWAYS “been” FOR THEMSELVES…..NOT FOR YOU (or ‘me’)——–NOW we are stuck with them for the next few years==========OH– by the way- THANKS !!!!
Maybe, just maybe- They can be voted OUT at the next election–But I doubt it……After all, the democraps are “always for(and ‘fighting’ for) the common man”
YEAH-RIGHT – HA HA HA !!!!
Bob Reiss
I have charted Rich’s data for monthly inventory for Bergen from previous thread. Thanks for the info Rich, great to have info for Bergen.
http://hometown.aol.com/stevelazer/images/housing%20inventory%202004-jan2006.jpg
For the curious in Bergen County, here is the number of monthly, active residential SFH listings; this does NOT include Condos/Co-ops & Townhouses.
Date 2007 2006 2005 2004
01/01 3,140 3,082 2,271 2,218
02/01 3,343 2,293 2,258
03/01 3,498 2,331 2,296
04/01 3,807 2,391 2,414
05/01 4,165 2,609 2,625
06/01 4,586 2,938 2,931
07/01 4,703 3,048 3,102
08/01 4,746 3,198 3,139
09/01 4,603 3,223 3,113
10/01 4,570 3,454 3,141
11/01 4,352 3,609 3,003
12/01 3,848 3,534 2,702
Historical Actives are not available from NJMLS prior to 1/1/2004
I gotta get out of these whacko state. Three Stooges
The Democraps are too stupid to realize that the more they try to help (subsidize) the common man the more they are hurting him. The rich know how to get around the “rob from the rich and give to the poor taxes” so the burden lands flat right back on the middle to lower income class. lmao
SMOKE and TRENTON mirrors. Hmmm, Let me understand this? Trenton, under the leadership of our TAX AND SPEND, out of touch with the middleclass Governor is going to throw us a bone. His first act was to raise the sales Tax 1% to plug the deficit, yet there were no cuts to services or any other visible attempts to reform spending.
So now we are going into 2007 with the new plan.
The cap plan would require county, municipal and school officials to keep annual property tax hikes below 4 percent per-year, unless voters approve extra spending.
I’ll believe this when I see it. Today if you vote the school budget down Trenton still approves a modest increase. What is the purpose of voting down a budget if it gets increased anyway.
So we cap local taxes at 4% and as jb has pointed out means nothing because of the erosion overtime. Are the db’s in Trenton going to have a moratorium on any new increases in sales TAX, income TAX, corporate TAX, Tire disposal TAX, internet music TAX, Phone TAX, Gas TAX, Fur TAX, health club TAX, Tobacco, alcohol TAX (sure tax fun) blah blah blah… One thing they are good at creative TAXing!!
We deserve what we get because WE vote the same db’s into office. I don’t care what your party affiliation is just don’t vote for the incumbent. Let’s clean house with a new slate of legislators, what do we have to lose at this point!
+++
mes Bednar Says:
January 3rd, 2007 at 8:19 pm
That 20% tax cut for those earning less than $100k will be eroded in a little over 5 years by 4% annual tax increases. Those earning more, but still qualifying for some cut, say 10%, will see that cut eroded in 3.
jb