TRENTON – A bill sponsored by Senator Ronald L. Rice which would limit the increase in property taxes payable on any new building or structure to five percent above the most recent tax assessment on the replaced building or structure was approved by the Senate Community and Urban Affairs Committee yesterday by a vote of 3-0, with 2 abstentions.
“At a time when the housing market is in a slump and people are out of work, we need to remove any obstacles which block redevelopment in communities in need,” said Senator Rice, D-Essex, and Chairman of the Senate Community and Urban Affairs Committee. “With New Jersey’s highest-in-the-nation property taxes, one of the biggest obstacles to reclaiming run-down buildings in our impoverished cities is the unfair hike on property taxes when a building is improved. Rather than base property tax calculations on outdated and unfair tax models, we need to provide a shield from unjust tax increases when a community is trying to rebuild itself.”