TRENTON – A bill sponsored by Senator Paul A. Sarlo which would streamline the property tax reassessment process in order to provide quicker relief for property taxpayers during the current national recession was unanimously approved by the Senate Community and Urban Affairs Committee today.
“Homeowners are dealing with the fallout from a nearly unprecedented economic crisis and the bursting of the national real estate bubble,” said Senator Sarlo, D-Bergen, Essex and Passaic. “As a result, many property taxpayers may be paying taxes on property which very simply isn’t worth what it used to be. This bill simplifies the mechanism by which neighborhoods can reassess property values in a declining real estate market, in order to hopefully bring some measure of relief to hard-hit taxpayers more quickly.”