N.J. League of Municipalities wants unanticipated income tax revenue used for tax relief

The N.J. League of Municipalities called again for property tax relief in light of the news this week that state income tax revenues will be higher than expected.

League President Chuck Chiarello, mayor of Buena Vista Township, said the need to provide relief is more evident than ever in light of a report by the Tax Foundation showing how heavily taxed the state is.

“Not surprisingly, in both the rankings of highest total dollar property taxes, and in the ranking of top property taxes as a percentage of personal income, New Jersey counties dominated the lists,” Chiarello said in a release.

As reported earlier in State Street Wire, seven of the state’s counties ranked in the top 10 nationally in terms of tax burden.

Whether the income tax revenue is $515 million or $913 million, depending on whether the Treasurer’s or the Office of Legislative Services’ estimates are correct, the League argues that those funds are constitutionally dedicated to tax relief.

“We intend to share this information with our State Legislators and with the Administration, as they discuss the highest and best use for the between the $565 million and $913 million that are now available. Our property taxpayers need relief and they need it now,” Chiarello said.

http://www.politickernj.com/47817/7-nj-counties-among-nations-top-10-highest-median-property-tax-burden

http://www.taxfoundation.org/news/show/27282.html

N.J. League of Municipalities wants unanticipated income tax revenue used for tax relief