TRENTON – Senate President Richard J. Codey (D-Essex) today announced that he has agreed to support a constitutional amendment dedicating a full penny of the statewide sales tax to long-term annual property tax relief for residents as proposed by Assembly Speaker Joe Roberts.
“This shows the people of this state that we are dedicated to having this program available year after year and that this is not just some election-year gimmick,” said Sen. Codey. “Residents deserve the peace of mind knowing that significant relief will be delivered annually and will not be threatened by annual budget fluctuations.”
Sen. Codey is committed to posting the amendment for a vote in time to get it placed on this November’s ballot as a referendum to be decided upon by voters. The constitutional amendment would provide that an amount equal to the annual revenue derived from a tax rate of 1% imposed under the New Jersey Sales and Use Tax Act shall be annually dedicated in a special account in the Property Tax Relief Fund and annually appropriated for property tax reform.