TRENTON – Senator Fred H. Madden, D-Camden and Gloucester, today released the following statement regarding the final legislative approval of S-20/A-1, a measure that that will provide $2.3 billion in property tax relief to homeowners and renters, while mandating a four percent cap on local tax levy increases:
“Today’s vote marks a major milestone in a months long process to bring about real property-tax reform for the people of New Jersey. The major goal of the meetings and hearings we’ve held on this issue is to keep funding in the pockets of taxpayers, and the bill’s credit program will do just that.
“Within this legislation, seniors will be able to keep their money, and use it toward more pressing issues like prescription drug costs and the ever increasing cost of living in New Jersey. This bill will also help constituents across the state, who work day in and day out to make ends meet. For them, this legislation is meant to recognize their hard work and dedication.
“The passage of this legislation is a step in the right direction to bringing about real relief for the people this state.”