Property Tax Caps Leaking Like a Sieve

From today’s NJ.com:

Perhaps he didn’t intend to, but Gov. Jon Corzine broke some news during his State of the State address Tuesday.

And it wasn’t good news.

In the midst of a call for tougher state action in reducing property taxes, the governor let us in on what happened with that 4 percent cap on municipal tax increases that was adopted as part of his property tax reform plan in 2007.

“Last year, we saw 80 percent of reporting municipalities come in over that cap,” Corzine stated. “In fact, 30 percent came in with increases of 10 percent or more.”

Well, that was quick. The last time New Jersey adopted property tax caps, back in the Byrne administration, it took several years before the caps were shot full of holes. This time around, it seems the caps came with holes already installed.

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