Senator Madden On Passage Of Property Tax Relief Bill

TRENTON – Senate President Richard J. Codey and Assembly Speaker Joseph J. Roberts, Jr. announced today that the joint legislative committees on property tax reform will be meeting weekly through October to resolve New Jersey’s property tax crisis.

“Months of discussion and planning have brought us to the point where we can now move forward with substantive debates and investigations that will lead to real reform,” said Senate President Codey (D-Essex). “I have every confidence that the team of top-notch legislative members helming these committees will leave no stone unturned. I encourage everyone, the general public in particular, to get involved in these debates and come forth with their suggestions. No idea is too big or too small for consideration.”

TRENTON – By a vote of 28 to 10, the full Senate today approved the centerpiece of the legislature’s six-month long special session on property tax reform – a measure 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. Bill S-20/A-1, sponsored by Senate President Richard J. Codey (D-Essex) and Senate Majority Leader Bernard F. Kenny, Jr. (D-Hudson), will provide homeowners with the largest level of relief in state history, while also helping to stem property tax growth in the years to come by providing one of the most far-reaching spending controls.

“When the dust settles, what will be remembered is that we did in fact deliver on our promise to provide property tax relief and reform,” said Sen. Codey. “I want to thank the Governor for his stewardship of this process. The people of New Jersey can now look forward to unprecedented property tax relief that will be sustained by the four percent tax levy cap. I’m confident that in the long-run, these caps will help change our culture of unchecked spending.”

TRENTON – Senate President Richard J. Codey and Assembly Speaker Joseph J. Roberts Jr. today announced the members of the four bicameral, bipartisan joint committees that will review and formulate proposals to address property tax reform during an unprecedented special session of the Legislature.

“Our goal is to achieve meaningful property tax relief and reform by having these committees fully air the tough choices that need to be made to keep New Jersey livable,” said Senator Codey, D-Essex. “These joint panels will be asked to consult with our standing reference committees so that all of our members are engaged in the process, both formally and informally.”

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TRENTON – The Senate will take up key components of the Property Tax special session recommendations, including legislation that will commit $2 billion in property tax credits for 95% of New Jersey homeowners, when it meets on Monday.

Senate President Codey said the session should lead to historic levels of property tax relief for New Jersey residents.

TRENTON – Reaffirming their determination to meet the November 15 property tax special session reporting deadline, Senate President Richard J. Codey and Assembly Speaker Joseph J. Roberts, Jr., today announced that they expect to provide a 20 percent average property tax reduction to a majority of New Jersey households.

The legislative leaders said they expect the co-chairs of the four Joint Committees on Property Tax Reform to produce reports by November 15 that will include comprehensive proposals aimed at providing immediate short-term relief and long-term structural reform to improve the delivery of government services, chief among them the 20 percent property tax reduction.

TRENTON– Senate President Richard J. Codey and Assembly Speaker Joseph J. Roberts, Jr., welcomed the receipt of voluminous, detailed reports that were provided to them today by the co-chairs of the four Joint Legislative Committees charged with recommending ways to rein in New Jersey’s highest-in-the-nation property taxes.

Codey (D-Essex) and Roberts (D-Camden) heralded the release of the co-chairs’ reports as the start of a new phase of the property tax reform process rather than the end of the special session effort. Codey and Roberts said the reports will be available on the Legislature’s Web site at noon (www.njleg.state.nj.us).

TRENTON – Senate President Richard J. Codey and Assembly Speaker Joseph J. Roberts, Jr., today announced plans for an unprecedented special legislative session that would work throughout the summer and fall with the goal of enacting property tax reforms by the end of this year.

The announcement lays out an unparalleled framework to bring about legislative measures and corresponding action aimed at reducing the property tax burdens of New Jersey residents. It would mark the first time in state history that the Legislature will create special bicameral committees tasked with looking at the property tax problem from all angles.