AFP: Legislature Must Act to Extend Arbitration Awards Cap
Choice between Property Tax Relief and Union Special Interests
MONMOUTH JUNCTION, NJ – Americans for Prosperity state director Daryn Iwicki is calling on state lawmakers to extend the cap on arbitration awards and live up to their promises to provide property tax relief. The arbitration awards cap was instituted as part of Gov. Christie’s 2% property tax cap enacted in 2010.
“Our legislators should be living up to their campaign promises of providing property tax relief to New Jerseyans by not allowing the arbitration awards cap to expire on April 1st,” said Iwicki.
“The arbitration awards cap has been set to 2% since 2010 when Gov. Christie took on the issue. Before this cap was in place, from 2002 through 2010, property taxes rose an average of 52% according to the Department of Community Affairs. After the cap was instituted, property taxes increased a mere 1.4% from 2011 to 2012, the smallest increase during the past decade.
“This key provision, preventing out-of-control union contract awards, is crucial in keeping municipal costs under control and keeping property taxes in check.”
“According to a report by RegentAtlantic Capital, more and more people are fleeing New Jersey to states with lower taxes,” noted Iwicki. “$5.5 billion in tax dollars left the state as these residents—the majority of whom is working-age taxpayers—headed for the exits.
“We need to make common sense policy changes such as working to lower the property tax and phasing out the estate tax; allowing people to stay in the state they grew up in and live the American Dream in New Jersey.
“New Jersey’s property taxes are the second worst in the nation. Assemblyman Bramnick is correct in calling for a permanent reform. With one voting session left before the provision expires, our Legislature must act now if they are serious about their claims of wanting to help lower the burden of property taxes in this state,” concluded Iwicki.
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